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BOOK-KEEPING 

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C:^:ilmiiO  ^'^stem  of  Peninunsliip. 


L.  Ji.  ;iA^ArORl5,  A.M.,  A^TIJ   '.  W.  PAVfeON^, 

rr.iMOIFAli  OF  THE  "  BOiTW  ■  tHCI -11=  AC'.i  CW,"  SUMMER  STHEET. 


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BOOK-KEEPIXG, 


BY 


SINGLE     A  XT)     D  O  IT  ?.  L  E    EN  THY 


ii-'or  ^t\m\s  ;iii^  ^fiibrnms. 


ADAI'TKD     TO 


PAY^JON,   Iir>'Tn>'   &•  SGRIBNER'S   CUMliLXED  SY^^TEM  OF   IMINMANSIUP. 


BT 


L.  B.  IIAXAFORT),  A.  M.,  AND  .1.  AV.  rVYSON, 

fBINCI?ALS   OP   THE   "BOSTON    MERCANTILE  ACADEMY," 

i;  bL;::i£ii  stiillt,  ik>sto.x. 


n OSroN: 
PUnLISIlKD    HV    CRU.^HV    ^V    AlNSWOHTII, 

117    WASUIXUTON    STBEKT. 

1865. 


op 


^^> 


Entered  according  to  Art  of  Consrsss,  in  the  year  l?.*)^.  tiy 

CROSliY,  XICUOLS   &    CO., 

In  tlic  Clerk's  Office  of  Uic  District  Court  of  the  District  ot  llassidv^ctta 


7¥ 


z  (^  6' 


ELECTKOTYPLD    IIY    UOB.IUI  i   HOBCI.'.S.    rO.^TOK. 


I-IIIVTF.n    RY 
OEORGE     C.     KAN1>     &     AVERT. 


r  K  i:  1'  A  ('  !•: 


The  importance  of  the  study  of  Bookkeeping,  as 
a  branch  of  Connuon  School  education,  is  now  gen- 
erally aihnittcd  ;  and,  in  (ilfering  this  book  to  the 
I  public,  the  only  apology  which  the  authors  dccni 
necessary  is  tlio  almost  universal  demand  for  a  text- 
book adapted  tu  tlu'  wants  of  [uqiils  in  the  Common 
Schools  of  the  country. 

The  peculiar  feature  of  this  book  is,  that  those 
portiiius  which  are  to  be  written  by  the  learner  are 
,  engraved  in  imitation  of  real  manuscript  Account- 
Books.  l!y  this  means  the  mechanical  part  of 
Bookkeeping,  which  is  no  small  part,  is  taught  by 
example.  Different  styles  of  writing  sliduld  be 
employed  for  the  dillerent  parts  of  the  books.  The 
"ledger-headings"  should  be  written  in  a  much 
larger  and  bolder  hand  tli.iu  the  entries  in  the  same 
book,  and  the  names  of  persons  and  places  in  thr 
Day  Book  should  stand  out  so  as  to  be  seeu  at  a 
glance.  The  advantages  of  this  form  over  the 
printed  one  must  be  evident  to  every  teacher  who 
is  interested  in  this  study. 

The  manuscript  "  Forms,"  with  the  Explana- 
tions,   will    aid    the    learner   both    in   writing    and 


M  composing  similar  papers  in  the  transaction  of  busi- 
'  ness. 

The  style  of  penmanship  employed  in  this  bock  is 
the  same  as  that  of  "  P.wsox,  DuxTox,  axd  Scrib- 
xkk's  Combixkd  Svste.\i  of  Rapid  Pkn.maxsiiu',"  so  < 
generally  used  in  every  part  of  the  Union  ;  .uid  lliis 
book  may  be  considered  a  continuation  of  that  series 
of  Writing  Books.  The  intimate  connection  between 
Penman.ship  and  Bookkeeping  makes  this  arrange-  \ 
men^t  very  approjiriate. 

The  langu.ige  of  the  Rules  an<l  Explanations  is; 
intended  to  be  as  plain  and  simple  as  possible,  witiii- 
out  being  childish,  —  such,  in  fact,  as  is  n.«ed  by-  the 
most  successful  teachers  in  addressing  their  juipiLs 
—  language  that  will  not  need  to  be  traitsiu/cd  in 
',  order  to  render  it  intelligible. 

Those  who  may  use  this  book  are  ivminKled  that 
it  should  be  studied  as  other  text-books  are,  and 
that  merely  writing  tlie  books  through  will  not  give 
them  a  thorough  understanding  of  the  .subjee-t ;  -^as 
well  might  they  expect  to  obtain  a  perfect  knowl- 
edge of  Arithmetic  by  simply  copying  the  siJutioas 
from  a  krij  The  Acthous. 

Boston,  September  2.S,  1858. 


COXTEXTS. 


INTRODUCTORY. 

Page 

Preface 3 

Definitions, *^ 

Abbreviations, <> 


SIX  OLE    ENTRY. 

FiuST  Set.        Dealinr/  in  vtin'nus  /diids  nf  Goods. 

Introductiiin j 7 

Remarks  on  tlie  D.iy-Book 7 

Directions  for  Writing  tlie  First  Set, 8 

Day-Book 9 

Rjmarks  on  the  Ledger 15 

Directions  for  Posting  the  First  Set 15 

"    liakineing  the  Accounts, 10 

Remarks  on  the  liahince-Shect 17 

(Questions  for  Review 18 

Ledger 19 

Balance-Sheet 2i 

Second  Set.     lictail  dincery  Business. 

Introduction, 26 

Remarks  on  the  Cash-Bonk 26 

Dn-eetions  for  Writing  the  Second  Set, 27 

History  nf  the  Business 27 

Day-Book 33 

Cash-Book 42 

Posting  and  Closing, 45 

Review, 4-5 

Questions, 46 


First  Set. 


Second  Set. 


TmuD  Set. 


DOUBLE    ENTRY. 

Retail  Grocenj  Business.  pa^f 

Directions  for  Writing 48 

Explanations  of  Accounts 49 

Rules  for  Journalizing 53 

Journal, 57 

Directions  for  Po-ting 63 

Inventory 66 

Directions  for  Clo-ing  the  Ledger, 67 

Ledger, 71 

Cash-Book, 82 

'I'rial  Balance 84 

Questions  for  Review 85 

Gyocevies. 

History  of  Trnnsnclions, 87 

Explanations  of  Transactions, 93 

Review,  and  Balance- Sheet 94 

Boots  and  S/ioif  —  .1   Pai/inrsf.ip. 

Directions  for  Writing, 97 

Invoice-Book 99 

Sales-Book 107 

Day-Book 115 

Cash-Book, 119 

Bill-Book 123 

Ledger, 125 

Trial  Balance 127 

Review,  and  Questions 128 

Mercantile  Calculations, 129 

Time  Table 136 

Bu-iness  Forms 138 


DEFINITIONS    OF   MERCANTILE    TERMS. 

Acceptance.  Tlic  receiving  of  a  Draft,  or  Bill  of  Exchange,  in  &uch  a  manner 
as  to  bind  tUc  acceptor  to  make  payment.  This  is  done  by  writing  the 
word  "Accepted,"   with  the  signature,  dat-.-,  Ac,  iieruss  the  face  of  the  Bill. 

Assets.     Property  of  all  kinds. 

Averaf/e.     A  medium  of  time  or  quantity;    accmiit. 

Balance.     The  difference  between  the  two  t; ides  of  an  account. 
BUI.      A  written  ?;tutement  of  particulars;   a  copy  of  an  account. 
Bills.      A  general  name  fur  notes,  drafts,  Ac. 
Bmd.      A  written  obligation  to  fulfil  a  contract. 

Capital.     Property  invested  in  business. 

Cjm/ni.tswn.      A  compen:-;ition  fur  buying  or  soiling  goods,  or  fur  other  services. 
Cmsiju'iinit.      Goods  sent  or  delivered  tu  an  agent  for  sale. 
Cmtrn.     Opposite  side. 

Credit.  To  trust;  confidence.  The  side  of  an  account  on  which  payment  re- 
ceived is  entered. 

Drhif.     To  charge  with  debt;  or  the  charge  itself. 

Diridrnd.      The  am(mnt  divided;  as  gains  anitmg  partners  or  stocklioldors. 

Discount.     To  deduct  a  certain  sum  or  rate  per  cent,  from  the  prineip;il  sum; 

ail  allowance  for  the  use  of  m.>ney  before  it  is  due. 
Draft.     An  order  for  the  payment  of  muney. 
Duty.      A  tax  imposed  by  (Jovei-nmcut  un  impurted  goods. 

Endorse.     ^  write  one's  name  on  the  back  (f  a  note  or  bill. 

Finn.     The  members  of  a  partnership;    the  company. 
Folio.      A  page  iu  a  book;  f.niuerly  two  opposite  pages. 

Guarantee.  Assurance  for  tlie  payment  of  a  debt,  or  fur  the  performance  of  a 
contract. 

htsHranqe- .    S^-curity  against. loijS  ;by?fire,  or  otherwise. 
fnsnlve7ici;.\  .'  liiability'ty"  pftjC  <i'i^c-5  ^t^bts. 
interest.     An  allowance'  for  t!ic  •ustj  of  money. 
Invincf.     J\  bill  of  t^ie^griorls  bought,  orconsigned. 
Jnvnilm-ii.  '  .:V  l'!sjt;uY  {he  fitems  of  ■one*s  property. 

Liahility.     A  debt  or  obligation  to  pay. 

Net.     The  exact  amount  after  all  deduetions. 

Note.     A  written  promise  to  pay  in  money  or  goods. 

Order.  A  written  re^iucst  for  the  payment  or  delivery  of  anything  to  a  third 
person. 

Partnership.  A  union  of  two  or  more  persons  in  trade;  joint  interest. 
Pdtry.  The  written  agreement  between  tlie  insurer  and  the  injured. 
Principal.     The    leading    member   of    a   firm  ;     a  sum   on   which    interest   is 

computed. 
Protest.      A  legal  notice  that  a  note  or  bill  was  not  accepted  when  presented, 

or  not  paid  when  due. 

Receipt.      A  written  acknowledgment  of  the  payment  of  money,  kc. 


Rismircrs.      .Assets  available  for  business. 

Svjht  (of  :i  draft  or  bill).     Presentation  for  payment,  or  for  acceptance. 

Solvml.      A  hie   to  ]tay  one's  debts. 

tStur/:.      A  term  a[)plied  to  the  person  who  carries  on  business. 

Tan.     An  iilluwanee  for  the  weight  of  the  bo.\,  cask,  Ac,  in  which  goods  i 

packet  I. 
Trajtsjr. 


Act. 

Account. 

Aint. 

Amount. 

A  uf/. 

August. 

Bal. 

Balance. 

BU. 

Barrel. 

B.  B. 

Bill-Book. 

Boi. 

Bought. 

Cap. 

c.  u. 

Capital. 
Cash  Book. 

Cn. 

Cnmpany. 

Com. 

Commission. 

Ct. 

('reditor. 

Vwl. 

Hundred  weight. 

D.  B. 
Dec. 

Day-Book. 
December. 

D'lt. 

Draft. 

Dis. 

Discount. 

Dr. 

Debtor. 

d. 

Pence. 

d-;s. 

Davs. 

Doz. 

Dozen. 

ea. 

Each. 

Ex. 

English. 
Example. 

Exch. 

Exchange. 

Fch. 

Fr'l. 
fol. 
fr- 

February. 

Freight. 
Folio,  or  page. 
From. 

(!al. 

Gallon. 

,        llhd. 

Hogshead. 

1    /.  /;. 

Invoice-Book. 

.... 

That  is. 

In.. 

Insurance. 

'       ,„.t. 

The  pif^ent  month 

Inn. 

Invent<»ry. 

.I,n. 

January. 

'         J.  F. 

Journal  FcjHo, 

1                  "'" 

Pounds  (money). 

TIOXS,    &c. 

/A.-. 
L.  F. 
Mar. 

inij. 

Pounds  (weight). 
Ledger  fuliu. 
Jlarch. 
Merchandise. 
Jloutlj. 

Nov. 
A.  B. 

Kovcmber. 
Talce  nutice. 

Oct. 

October. 

P- 

Pd. 
Pr. 

Piiy't. 
P.  S,-  L. 
P.  C.  B 
pr.  ct. 

Page. 

raid. 

Pair. 

Payment. 

Piolit  and  LoS3. 

Petty  Casli-Uooli. 

Per  cent. 

Prem. 

Premium. 

Fred. 
R.  R. 

Receiveil. 
Ilail  Koad. 

Sept. 
Siinds. 
.S-.  B. 

September. 

Sundries. 

Sales-Book. 

nil. 

Jjast  montla. 

l:iz. 
Vd.s: 

Namely. 
Yards. 

1        y- 

Year. 

!            (g) 

At. 

'■/<- 

Cents. 
Account. 
Per  cent. 

i? 

Number. 

+ 

X 

1' 
72 

Add. 
Subtract. 
Multiply. 
Divide. 

1'4. 

7V,. 

23 

1/ 
2/G 

21 1. 

1  sliilling. 

2s.  A  Gd. 

E  0  0  K  K  !•  1-:  r  I  N  G . 


I  N  T  U  0  P  r  C  T  ION.  I   in  double  entry  the    same   amount   is  entered  on  two 

(lin'orcnt  accounts. 

Bookkeeping    is    the    art    of    recording    mercantile  Example :  —  If  I    sell  John  Smith  a  barrel  of  (lour 

transactions  in  a  regular  and  systematic  manner.  I   which  ho  does  not  pay  for  at  the  time,  I  charge  it  on 

There  are  two  methods  by  which  books  are  kept:  ,   his  account;  and  in  single  entry  this  is  the  only  account 

—  one     called    Single    Entry,    and    the    otlur    Doulilo      on  which  it  is  entered;   but  in  double   entry,  besides 

Entry.  ;   being  debited  on  Smith's  account,  it  is  also  creditcil  on 

111  single  entry  Bookkeeping,  but  one  entry  is  gene-  11  the  Merchandise  account,  —  hence    the    name    Double 

rally  made,  in  the   Ledger,  for  each  transaction ;   while  !    Entry. 


SINGLE  ENTRY. -FIRST  SET. 


This  set  is  introduced  to  show  the  learner  some  of 
the  simplest  operations  of  Bookkeeping;  such  as  post- 
ing, balancing  the  accounts,  ifcc. 

It  represents  the  business  of  a  small  wholesale  and 
retail  store,  difterent  kinds  of  goods  being  mentioned, 
to  give  examples  of  the  style  of  writing,  and  the  abbre- 
viations appropriate  to  each. 

BOOKS. 

The  books  used  in  this  set  arc  tlfc  Day-l»iii>k  an<l 
Ledger.  The  Cash-Book  is  omitted,  to  make  it  mtue 
simple,  —  although  a  Cash-Book  should  be  kept  by  a 
person  doing  such  a  business. 


DAY-BOOK. 

In  the  Day-Book  the  various  transactions  are  re- 
corded, each  day,  in  the  order  in  which  they  occur, — 
the  debits  and  credits  belonging  to  dillcrcnt  persons 
l)eing  mixed  tofjcther. 

This  book  should  l)e  a  kind  of  history  of  the  business 
of  each  day,  containing  all  the  jiarticulars  which  an' 
Worthy  of  being  rememl'cred.  Such  a  history  will 
prevent  disputes  about  many  things,  which  would  ln' 
forgotten  by  one  party  or  the  other,  if  trusted  to  the 
memory,  .\grecments,  contnicts,  Ac,  are  often  written 
iu  the  Day-Book. 


BOOKKEEPING. 


The  use  of  the  Day-Book,  and  the  maniiei  of  inakiiig 
entries  in  it,  can  be  learned  from  the  examples  below. 

Debtor  and  Creditor. 

The  person  who  owes  is  the  debtor,  and  the  one  who 
is  owed  by  aiiotlicr  is  tlie  creditor. 

Thus,  if  I  sell  John  Brown  a  jwund  of  Tea,  for  which 
he  does  not  pay  me  at  the  time,  lie  owes  me  for  it,  and 
is  therefore  Dr.  to  me,  and  I  am  the  creditor. 

But  it  is  customary  to  put  the  name  of  the  article 
sold  instead  of  the  name  of  tlie  seller,  as  follows : 

John  Brown,  Dr. 

To  1  pound  of  Tea,  ^-c. 

If  I  sell  George  Thompson  a  "  Webster's  Dictionary  " 
for  $5,  to  be  charged  on  his  account,  what  will  be  tlie 
form  of  tiie  Day-Book  entry  ? 

Answer.      George  Thompson,  Dr. 

To  1  Webster's  Dictionary,     .  $5.00 

If  I  sliould  buy  a  Quarto  Bible  of  him  on  account,  for 
$10,  what  entry  should  I  make  on  my  Day-Book  ? 

Answer.      George  Tliompson,  Or. 

By  1  quarto  Bible,  ....  flO.OO 

The  words  "  To  "  and  "  By,"  as  used  in  the  aliove  ex- 
amples, do  not  have  their  usual  meaning.  The  word 
"For"  would  better  answer  the  purpose. 

EXAMPLES   TO    BE   WRITTEN   IX   DAY-BOOK   STYLE. 

1.  Sold  E.  Y.  Butler,  on  account,  G  dozen  Payson, 
Diinton  &  Scribner's  Writing  Books,  at  §1.00  per  dozen. 


2.  Bought  of  Crosby,  Nichols,  Lee  &  Co.,  on  account, 
10  reams  Gap  Paper,  at  $1.50  per  ream. 

Note.  Receipts  and  payments  of  money  on  account  are  entered 
in  the  Day-Book  in  a  similar  manner.  Thus,  if  I  should  i)ay  Crosby, 
Nichols,  Lee  &  Co.  $20.00  towards  the  amount  I  owe  them,  the  Day- 
Book  entry  would  be 

Crosby,  Nichols,  Lee  Sf  Co.,  Dr. 

To  Cash, $25.00 

3.  Sold  John  D.  Philbrick  100  Single  Entry  Book- 
keeping, at  37^  cents,  for  which  he  paid  $20  Cash,  the 
balance  to  be  paid  in  three  months. 

It  is  not  enough  to  charge  the  amount  which  remains 
unpaid,  but  the  whole  amount  sold  siiould  be  charged, 
and  then  wiiatevcr  is  received  in  payment  should  be 
credited  also,  as  follows  : 

John  D.  Philbrick,  Dr. 

To  100  Single  Entry  Bookkeeping,  at  37^  cts.,  $37.50. 

Cr. 

By  Cash  on  acc't., $20.00 

DIRECTIONS   FOB   WRITING   THE   DAY-BOOK. 

After  tlie  learner  has  studied  tlic  foregoing  carefully, 
he  should  copy  the  following  Day-Book  into  a  Idank 
book  provided  for  tiie  purpose,  omitting  tiie  figures  in 
the  left-hand  column  until  lie  Ijegins  to  jiost.  The 
ruling  may  be  done  as  he  proceeds,  or  he  may  omit  it 
till  he  has  written  a  whole  page,  and  then  rule  that 
page  at  once.  The  pages  of  the  blanks  are  of  the  same 
size  as  those  of  the  text-book,  and  the  pujiil  should  write 
about  the  same  words  on  a  line  as  arc  found  in  the  text- 
book, so  tliat  the  pages  may  correspond. 


SINGLE     ENTRY. 

FIRST    SET. 


D  A.  Y--B  O  O  K. 


BOOKKEEPING. 


EXPLA'NATIONS    OF    THE    DAY-BOOK    ENTRIES. 

XoTE.  This  first  set  of  books  was  intended  to  show  some  of  the 
simpler  forms  of  Bookkeeping,  rather  than  to  teach  the  principles  ; 
but  as  this  subject  should  be  very  thoroughly  explained  to  young 
beginners,  the  following  may  be  found  useful :  — 

The  heading  at  the  top  of  the  page  shows  \\liere  the 
business  was  done,  and  when.  It  is  well,  also,  to  write 
the  day  of  the  week  thus  :  "  Boston,  Y/ednesday,  Jan.  2, 
1858,"  because  that  in  finding  any  particular  entry,  it 
is  often  easier  to  remember  the  day  of  the  week  on  wliicli 
the  transaction  took  place,  than  t\\vX  of  tiie  moutli. 

Jan.  1.  I  sold  the  Boots  and  Slioes  to  Amus  Bennett, 
but  as  lie  did  not  pay  for  them  at  that  lime,  I  charged 
them  to  him,  expecting  liim  to  pay  me  at  a  future  time. 

The  transactions  of  the  2d,  3d,  and  4th,  are  of  a  sim- 
ilar nature,  and  are  entered  in  a  similar  manner. 

Jan.  5.  Amos  Bennett  paid  me  §2.5,  as  a  part  of  what 
he  owed  me,  and  I  gave  him  credit  for  it,  that  it  miglit 
be  posted  to  his  account  in  the  Ledger. 

Jan..  7.  I  had  botiglit  Butter  of  liim,  and  he  had  done 
some  labor  for  me,  and  the  entry  was  made  in  a  similar 
manner  to  that  of  the  5th,  except  that  "  on  acct."  was 
not  used. 

In  tills  case  he  had  given  me  a  bill  of  the  labor,  stating 
how  much  and  what  kind  of  labor  lie  had  done  for  me. 
which  I  have  kept  "  on  file."  and  therefore  it  was  not 
ueccs.^ary  to  write  these  particulars  on  the  book. 

You  will  see  that  I  have  specified  not  only  the  num- 
ber of  pairs,  but  also  the  kind  and  price  of  eacli  :  ■ —  in 
fact,  all  the  particulars  tliat  are  needed  to  prevent  a 
misunderstanding,  if  either  he  or  I  should  forget  them. 


Jan.  8.  Clias.  D.  Emmons  bought  3  bbls.  of  Apples 
of  me,  and  at  the  same  time  paid  me  $15,  and  sold  me 
some  Butter;  I  tlierefore  charged  the  Flour  to  liim,  and 
gave  him  credit  for  the  Cash  and  the  Butter,  all  in  one 
entry,  writing  '•  Cr."  over  tlie  items  received  from  liim, 
and  drawing  a  short  line  on  each  side  of  it,  tliat  I  might 
be  sure  to  see  it  when  posting. 

Jan.  12.  Martin  Nasou  owed  me  and  wished  to  pay 
me,  and  continue  to  trade  with  me, — and  Frank  Gard- 
ner owed  liini,  but  could  not  pay  liim  tlicii :  so.  at  their 
request,  I  consented  to  give  Nason  credit  for  '5^10,  and 
charge  tlie  same  to  Gardner.  Tiiat  was  tlie  same  to 
them  as  if  Gardner  liad  paid  Xason  IJIO,  and  Nason  had 
]iaid  it  to  me  ;  but  now  I  must  look  to  Gardner,  instead 
of  Nason,  for  my  pay. 

Transactions  of  this  kind  are  very  common  between 
men  doing  business  on  a  small  scale,  and  are  much 
better  understood  by  them  than  they  can  be  by  young 
persons  who  have  not  yet  learned  to  make  bargains. 

Jan.  14.  Tills  charge  against  0.  P.  Quiiin  was  jiaid 
soon  after  the  goods  were  bought,  and  before  it  was 
posted,  and  then  there  was  no  longer  any  need  of  posting 
it,  liut  only  to  treat  it  as  a  sale  for  Cash. 

Jan.  14.  Henry  Ingram  paid  me  •¥2.40,  which  was  all 
he  owed  me.     See  Ledger,  page  22. 

Jan.  19.  An  examination  of  Bennett's  Acct.  on  my 
Ledger,  reminded  me  that  I  was  owing  him,  and  I  there- 
fore paid  him  a  part  of  the  debt,  and  cliarged  the  amount 
to  liim. 

Jan.  25.  Tliis  case  is  like  that  on  the  8th,  and  is  to 
be  treated  in  the  same  manner. 


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BOOKKEEPING 


LEDGER. 

Tlic  Leilgcr  is  the  book  in  wliicli  tlic  accounts  are 
collected  and  arranged  in  a  more  systematic  order  tlian 
in  the  I)a_v-Book.  All  the  charges  whicii  have  been 
made  against  any  one  person,  throughout  the  whole 
Day-Book,  are  entered  in  the  Ledger,  under  that  per- 
son's name ;  and  opposite  to  these  are  placed  all  the 
credits,  if  any,  in  his  favor.  This  gives  us  a  brief  state- 
ment of  our  dealings  with  that  person,  and  shows  how 
our  account  stands  with  him :  so  that  we  are  ready  to 
settle  with  him  at  any  time,  without  being  obliged  to 
look  through  the  whole  Day-Book  while  he  is  waiting. 
This  process  of  transferring  from  the  Day-Book  to  the 
Ledger  is  called   posting. 

When  books  are  kept  strictly  by  Single  Entry,  the 
only  accounts  kept  are  those  with  persons ;  and  these 
show,  on  the  Dr.  side  what  they  owe  us,  and  on  the 
Cr.  side  what  wo  owe  them. 

There  are  several  forms  in  which  Ledger  accounts  may 
be  written. 

The  most  common  form,  however,  is  that  in  which  the 
page  of  the  Ledger  is  divided  vertically  into  two  narrow 
pages,  the  Dr.  side  of  the  account  being  written  upon 
the  lift  hand  half  page,  and  the  Cr.  side  upon  the  right 
band  half. 

These  half  pages  arc  each  divided  into  five  spaces,  the 
first  for  the  dali'.i,  the  second  for  the  drscriplioiis, 
the  third  for  the  figures  which  refer  to  the  pai^cs  of 
the  Day-Book,  the  fourth  for  the  dollars,  and  the  fifth 
for  the  cents. 


POSTING. 

When  the  Day-Book  is  all  copied,  the  student  may 
open  the  accounts  in  the  Ledger;  that  is,  write  the  names 
of  the  dillerent  persons  with  whom  he  is  to  keep  ac- 
counts in  the  blank  Ledger,  placing  '•  Dr."  and  "  Cr." 
at  the  top  of  each  page. 

This  being  done,  he  slmnld  begin  with  the  first 
entry  in  the  Day-Book.  anil  ]ui.-t  each  one  as  he  comes 
(0  it. 

To  post  this  first  charge  against  Amos  Bomiett,  turn 
to  his  account  in  the  Ledger,  and  under  his  name,  on 
the  left-hand  or  Dr.  side,  write  the  date  in  the  first 
column  ;  the  description  "  To  Mdse.,"  in  the  second  :  the 
page  of  the  Day-Book  where  this  charge  is  found,  in  j 
the  third;  and  the  amount,  iu  the  fourth,  as  below: —     I 


Br. 


Amos  Bennett, 


Cr. 


1858 


D.D.   Dob. 
1        43 

i 

ot-t. 

1 

00 

1 

1 
1 

Jau.  1.  ToMdsc 


Then  put  the  figure  "1"'  in  the  left-hand  margin  i>l 
the  Day  Book,  opposite  to  Bennett's  name,  i"  -Ii.'W  t|i;it 
it  is  posted  on  the  first  page  i>f  the  LedgiM. 

This  " ]>ofit»iark"  should  be  made  as  soon  as  the 
entry  is  posted,  and  not  till  then,  as  it  serves  to  show 
which  entries  are  posted,  and  thus  |irevcnts  omitting 
any,  or  posting  them  twice. 

Next,  post  the  debit  of  the  second  day  to  the  account 


BOOKKEEPING 


of  Charles  T>.  Emmons,  in  the  same  manner,  and  so 
proceed  till  the  whole  Day-Book  is  posted. 

But  a  word  or  two  should  be  used  for  the  descrip- 
tion, so  that  it  may  occupy  but  one  line  in  the  Ledger ; 
and  the  learner  may  use  his  own  judgment  in  selecting 
such  words  as  will  best  express  the  nature  of  the 
transaction.  Some  bookkeepers  do  not  insert  any 
descrijAion  in  the  Ledger,  entering  only  the  date,  the 
page  of  the  Day-Book,  and  the  amount. 

If  any  mistakes  should  be  made,  they  should  be  cor- 
rected by  making  another  entr}-,  and  not  by  erasing  the 
wrong  one.  Thus,  if  a  sum  is  debited  on  any  account 
where  it  ought  not  to  be,  it  may  be  corrected  by  credit- 
ing the  account  for  the  same  amount ;  and  if  an  entry  is 
made  on  the  wrong  side  of  an  account,  it  should  first  be 
corrected  by  entering  the  same  amount  on  the  other 
side  of  the  account,  "  To  Erroi',"  or  "  By  Error,"  and 
also  by  making  the  proper  entry  where  it  should  have 
been  at  first. 


BALANCING  THE  ACCOUNTS. 

Before  beginning  to  balance  or  c?o.se  the  accounts,  re- 
view the  23osting,  comparing  each  entry  in  the  Day- 
Book  with  the  corresponding  one  in  the  Ledger,  to  see 
that  the  right  amount  is  entered  on  the  right  side  of  the 
rigJit  account.  If  it  is  all  found  to  be  correct,  begin 
with  the  first  account,  and  add  each  side  of  it.  Sub- 
tract the  smaller  amount  from  the  greater,  and  the 
difference  is  called  the  balance.     Enter  this  balance  on 


the  smaller  side,  and  the  footings  of  the  two  sides  will 
be  equal. 

Before  balancing,  the  first  account  will  ajjpear  as 
follows : 


Dr. 


Amos  Bennett, 


Or. 


1858 

D.B. 

Dob. 

cts. ; 

1858 

D.B. 

Duls. 

cts. 

Jan.  1 

To  Mdse.  . 

1 

43 

00 

Jan.  1 

By  Cash   . 

1 

25 

00 

"19 

"  Cash   . 

4 

Zi 

50 

"    7 

"  Sundries 

O 

69 

00 

J 

1 

"12 

"  Mdse. . 

3 

32 

13 

The  amount  of  the  Dr.  side  is  $77.50,  and  the  Cr. 

side   is   $12G.13.     The   difierence   is   $48.63.      If  this 

balance  is  entered  on  the  smallest  side,  the  footing  of 

'  the  two  sides  will  be  alike,  and  the  account  is  said  to 

be  balanced. 

Rule  as  in  the  text-book,  and  finally  bring  doicn  the 
balance  belo\v  the  ruling,  and  on  the  opposite  side,  thus 
beginning  a  new  account,  as  seen  below : 

Dr.  Amos  Beitnett,  Cr. 


1858 

D.B. 

Dels. 

CtS.j 

1858 

D.B. 

Dols. 

cts. 

Jan.  1 

To  Mdse.   . 

1 

43 

00 

Jan.  1    By  Cash     . 

1 

25 

00 

"  18 

"  Cash     . 

4 

34 

50, 

"     7  1  "  Sundries 

2 

69 

00 

"  30 

*'  Balance 

4 

48 
S12G 

63 

"  12 

"  Mdse.   . 

3 

32 

$126 

13 

1 

13 

1858 

i 

Feb.l 

By  Balance 

1 

§148 

63 

16 


BOOKKEEPING 


When  the  Dr.  side  is  the  largest,  the  balance  will  be 
entered  on  the  Cr.  side,  as  may  be  seen  on  Charles  D. 
Emmons's  account  in  the  Ledger,  page  1. 

Those  accounts  which  are  settled,  are  ruled  and 
footed  in  a  similar  manner,  as  in  Frank  Gardner's  ac- 
count, on  the  second  page  ;  and  any  account  which  has 
but  one  item  on  it,  may  be  left  as  it  is,  like  James  K. 
Lyman's,  on  the  third  page. 

The  dosincj  entry,  "  To  Balance,  4,  $48.G3,"  is  often 
made  with  red  ink,  in  order  to  distinguish  it  from  the 
other  entries,  which  are  real  debits  or  credits  ;  and  if 
red  ink  is  used  for  the  ruling,  it  will  improve  the  ap- 
pearance of  the  books.  But  those  who  do  not  wish  to 
take  the  trouble  to  change  the  ink,  may  use  but  one 
color  for  the  whole. 

Li  actual  business,  the  accomits  are  sometimes  settled 
at  the  end  of  the  year ;  and  if  there  is  room  enough  in 
the  Ledger  for  another  year's  business,  the  balances  are 
brought  down,  and  the  accounts  are  continued  for 
another  year.  Those  accounts  which  are  settled  before 
the  time  for  closing  the  books,  should  be  balanced  on 
the  Ledger  at  the  time  of  settlement ;  so,  in  this  book, 
whenever  an  account  is  settled,  it  should  be  closed, 
without  waiting  till  the  Avhole  Day-Book  is  posted. 

BALANCE  SHEET,  OR  BALANCE  ACCOUNT. 

After  closing  the  accounts,  the  unsettled  balances 
may  be  collected  together  on  what  is  called  a  "  Balance 
Sheet,"  or  each  of  these  balances  may  be  carried  to  the 


Balance  Sheet,  as  soon  as  the  account  is  balanced. 
This  Balance  Sheet,  or  Balance  Account,  is  convenient 
even  when  the  balances  are  hrouijlit  doicn  to  new  ac- 
count, because  it  shows  all  the  balances  at  one  view. 
All  the  balances  due  from  others,  together  with  the 
cash,  notes,  merchandise,  materials,  and  all  other  jorop- 
erty  on  hand,  should  be  placed  on  the  Dr.  side  ;  and 
the  balances  due  from  us  to  others,  as  well  as  the  notes 
we  owe,  if  any,  on  the  Cr.  side.  This  will  be  better 
understood  by  referring  to  the  engraved  form  at  the 
end  of  the  Ledger. 

The  amount  of  Merchandise  on  hand  at  closing 
the  books  ($1217.73)  is  supposed  to  be  taken  from  an 
Inventory-Book;  and  the  Cash  ($112.04)  from  the  Cash- 
Book. 

The  difference  between  the  assets  on  one  side,  and 
the  debts  on  the  other,  miist  be  the  "  net  capital,"  or  the 
"  net  insolvency."  When  the  assets  are  more  than  the 
debts,  the  difference  is  the  net  capital ;  but  when  they 
are  less,  it  is  called  the  net  insolvency.  This  account 
will  bo  closed  like  other  accounts,  by  entering  the  balance 
(which  in  this  case  is  the  "net  capital")  on  the  smaller 
side,  and  ruling  and  footing  as  usual. 

The  Balance  Sheet,  in  this  book,  is  placed  at  the  end 
of  the  Ledger,  for  convenience ;  though  in  practice  it 
may  be  put  in  some  other  book.  Whenever  a  new 
Ledger  is  to  be  opened,  the  balances,  as  well  as  the 
names,  may  be  taken  from  this  sheet  more  conveniently 
than  from  the  old  Ledger,  where  they  are  scattered 
throughout  the  book. 


17 


_ J^ _ — 

BOOKKEEPING. 

QUESTIONS    ON 

THE     FIRST     SET. 

What  is  Bookkeeping  ? 

When  should  the  post-mark  be  made?    Why  ? 

How  many  methods  are  there  ? 

Wliat  should  bo  posted  next? 

What  are  they  called  ? 

What  is  said  of  the  description? 

In  single  entry,  how  many  entries  are  made  in  the  Ledger  for  each 

IIow  are  mistakes  to  be  corrected  ? 

entry  in  the  Dav-Book  "? 

Wlien  the  Day-Book  is  all  posted,  what  should  be  done  next  ? 

IIow  many  in  double  entry? 

Where  will  you  begin  to  balance  the  accounts  ? 

Give  an  example  in  single  entry. 

IIow  do  you  balance  an  account? 

What  else  would  be  done  in  double  entry? 

What  do  you  mean  by  the  balance  ? 

Why  is  double  entry  so  called  ? 

On  which  side  must  the  balance  be  entered? 

What  kind  of  business  is  represented  in  the  first  set  of  books? 

IIow  will  the  account  then  stand  ? 

Why  are  different  kinds  of  goods  mentioned? 

After  closing  an  account,  what  is  to  be  done  with  the  balance,  if 

Wliat  books  are  used  in  this  set? 

any? 

Why  is  the  Cash-Book  omitted  ? 

IIow  do  you  close  an  account  which  is  settled,  or  paid  in  full  ? 

Should  a  Cash-Book  l)e  kept  in  such  a  business? 

What  will  you  do  with  one  which  has  but  one  item  on  it  ? 

What  are  recorded  in  the  Day-Book  ? 

With  wliat  kind  of  ink  is  the  closing  entry  often  written  ? 

When,  and  in  what  order? 

Why  is  it  used  ? 

What  should  these  records  contain? 

What  is  said  of  the  ruling? 

What  will  such  a  history  prevent  ? 

IIow  often  do  business  men  balance  their  accounts? 

What  is  said  of  Agreements,  Contracts,  &c.  ? 

In  what  ease  are  the  lialances  to  be  bronchi  down  ? 

What  is  the  Ledger,  and  how  is  it  used? 

May  an  account  be  closed  at  any  time  ? 

What  does  it  show  ? 

What  is  to  bo  done  with  the  unsettled  balances,  after  closing  the 

What  is  the  process  of  transferring  from  the  Day-Book  to  the 

accounts? 

Ledger  called? 

Can  the  Balance  Sheet  be  made  as  fast  as  the  accounts  are  closed  ? 

What  accounts  are  kept  in  single  entry  ? 

What  is  t)ie  advantage  of  tlie  Balanc^  Sheet? 

What  do  they  show  on  the  Dr.  side  ? 

On  which  side  do  we  place  the  balances  due  to  us? 

What  on  the  Cr.  side? 

On  which  side  do  we  enter  the  property? 

In  studying  this  book,  what  is  the  first  thing  to  be  done? 

On  which  side  those  due  from  us  to  others? 

What  should  be  omitted  in  the  copying? 

What  is  tlie  dilTercnce  between  the  assets  and  the  debts  called  ? 

What  is  said  of  the  ruling  ? 

When  is  it  called  net  capital  ? 

What  of  the  blanks? 

When  net  insolvency  ? 

IIow  much  should  be  written  on  one  line? 

How  will  this  account  be  closed  ? 

What  is  meant  by  opening  the  accounts? 

Why  is  the  Balance  Sliest  put  in  the  Ledger,  in  this  book? 

In  what  order  should  the  entries  be  posted  ? 

Of  what  use  is  it  in  opening  a  new  Ledger  ? 

IIow  will  you  jioat  the  first  entry  ? 

18 


SINGLE     ENTEY. 

FIEST    SET. 


LEDaER. 


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SINGLE     ENTRY. 

SECOND    SET. 


A   HETATL    GROCERY    BUSINESS. 


"25 


SINGLE  ENTEY.- SECOND  SET. 


The  books  used  in  this  set  are  the  Cash-Book,  Day-    I  out,  sliould   he    equal   to   the  amount  on  hand  at  first, 


Book,  and  Ledger.      Tlio    Day-Book    and   Ledger  are 
similar  to  those  in  the  first  set. 


C  ASII-B  0  0  K. 

The  main  object  of  keeping  a  Cash-Book  is  to  pre- 
vent mistakes  in  regard  to  the  money,  or  to  enable  us 
the  more  easily  to  correct  them,  when  they  are  made. 

All  the  money  received,  as  well  as  that  paid  out, 
should  bo  entered  in  the  Casli-Bouk,  specifying  for 
what  it  was  received  or  paid  out.  so  plainly  as  to  be 
perfectly  understood,  even  by  a  stranger. 

The  amount  of  Cash  on  hand  at  the  commencement 
of  business,  and  all  that  which  is  received  from  day  to 
day,  is  entered  on  the  left-hand  or  Dr.  side ;  and  that 
which  is  paid  out  is  entered  on  the  Cr.  side. 

The  difference  between  the  two  sides,  at  any  time, 
will  be  the  sum  which  ourjld  to  he  on  hand;  and  the 
amount  actually  on  hand,  including  that  in  the  Bank,  if 
any,  should  agree  with  this  balance.  If  it  does  not 
agree,  some  mistake  has  been  made,  or  a  fraud  com- 
mitted. 

To  balance  the  Cash  account  at  the  end  of  Sept.  4, 
lot  us  suppose  the  amount  in  tlie  Bank  to  be  $200,  and 
the  amount  in  the  drawer,  or  safe,  $3G.05.  The  amount 
in  Bank,  and  that  in  the  Safe,  added  to  the  amount  paid 


added  to  that  which  has  been  received  since,  as  follows  : 
Dr.  Cash.  Cr. 


1858  I 
Sept.  1  To  Stock  .    . 

"     3   "  11.  Raud  . 


$25007 
1500 


$205  07 


1858 
Sept.  1 


By  Expense 


Bal.  in  B'k  $200.00 
"    in  Safe      nn.05. 


Sept.  5|Bal.  brought  aown||':-23G|05 

The  Cash-Book  should  be  lialanced  daily,  in  order  to 
find  the  errors,  before  it  is  too  late  to  correct  them;  but 
the  ruling  and  footing  need  not  be  done  on  the  book 
every  day. 

As  no  more  Cash  can  be  jiaid  out  than  has  been  re- 
ceived (including  the  amount  on  hand  at  first),  the 
amount  of  the  Cr.  side,  if  either,  will  always  be  the 
smallest;  and  the  account  will  be  balanced  by  entering 
the  dilTcrence  liotween  the  two  sides  on  the  Cr.  side. 

The  Cash-Book  for  this  sot  is  represented  as  balanced 
only  at  the  middle,  and  at  the  end  of  the  month;  but 
this  is  done  to  bring  it  within  the  space  of  two  pages. 
The  several  items  received,  or  paid  out,  during  the 
week,  are  added,  and  the  amounts  are  carried  into  the 


BOOKKEEPING. 


outside  columns  of  the  two  pages,  respectively.  This 
might  as  well  bo  done  cveiy  day,  if  the  entries  were 
numerous ;  but  each  bookkeeper  will  suit  his  own  taste 
or  convenience  in  matters  of  this  kind. 

The  '•  Balance  on  hand "'  should  include  the  amount 
in  the  Bank,  which  should  also  be  specified  in  the 
closing  entry. 

It  is  customar}',  in  retail  business,  to  keep  an  account 
on  a  slate,  or  in  a  Petty  Cash-Book,  of  the  cash  received 
for  small  sales,  and  to  enter  the  whol(^  amount  on  tlie 
Cash-Book,  once  a  day.  Such  an  account  is  supposed 
to  bo  kept  in  this  set,  and  the  amount  entered  on  the 
Cash-Book,  once  a  week ;  and  whenever  the  Cash  ac- 
count is  balanced,  the  amount  on  the  Petty  Cash-Book, 
if  one  is  kept,  must  be  added  to  the  amoiint  on  the 
Cash-Book. 

DIRECTIONS  FOR  WRITING  THE  SECOND  SET. 

The  learner  may  now  compare  tho  H'lstorij  of  the 
Business  with  the  icritten  Day-Book  of  this  set,  to 
see  what  the  transactions  are,  and  the  proper  form  in 
which  to  enter  them  in  the  Day-Book. 

When  ho  has  become  sufficiently  familiar  v.-ith  this 
sixbject,  he  may  proceed  to  write  the  entries  in  the 
blank  Day-Book;  not  merely  copying  tliem  from  the 
text-book,    but    referring,   constantly,    to    the    printed 


nist. 


)rv, 


instead  of  confining  himself  to  the  written 


Day-Book. 

The  cash  items  must  be  transferred  to  the  Cash-Book, 
as  they  are  met  with,  thus  carrying  the  Day-Book  and 


Cash-Book  along  together,  as  in  real  business.  Those 
cash  items  for  which  any  ^)er.so»  is  to  be  debited,  or 
credited,  must  bo  entered  in  tho  Cash-Book  and  Day- 
Book  also,  so  as  to  bo  posted  from  the  Day-Book  ;  luid 
in  the  Cash-Book  tlio  mark  '■  D.  B."  should  be  placed 
opposite  to  each  of  those  entries,  to  show  that  they  are 
in  the  Day-Book. 

The  receipts  aiul  payments  of  Cash  on  account,  arc 
entered  in  the  Day-Book  of  this  set  because  it  is  tho 
general  practice  throughout  the  country  ;  but  it  would 
be  better  to  make  these  entries  in  the  Cash-Book  only, 
and  then  to  post  them  from  the  Cash-Book.  This 
method  is  used  in  the  subsequent  sets  of  this  book. 


HISTORY     OF     THE    BUSINESS. 

Cincinnati,  September  1,  1838. 
I  commence  business  with  tho  following  resources : 
Cash,  $2.50.07 ;  Merchandise,  $2560 ;  Notes  due  me, 
$G1)2.80  ;  Charles  Smith  owes  me,  on  account,  883.52 ; 
James  Carlton,  $60.49  ;  Henry  Rand,  $48.20  ;  Orlando 
Palmer,  S25.32. 

I  owe  as  follows :     On  Notes,  $175  ;  to  Preston  and 
Evans,  on  account,  $90.44  :  to  Harlow  &  Co.,  $25.56. 

Se^jf.  1 

Paid  John  Sawyer,  for  rejjairs  on  tho  Store,  $19.37. 


Sold  Orlando  Palmer,   on    credit,  a    bbl.    of  Flour,  Au- 

$7.25. 


BOOKKEEPING. 


8ei)t.    2. 
Sold  James  Carlton,  on  account,  VI  gallons  of   Sperm 
Oil,  at  $1.50  per  gallon  ;  •'■■  and  25  pounds  Powdered 
Sugar,  at  10  cents  per  pound. 


Bought  of  Harlow  &  Co.,  on  account,  4  boxes  Havana 
Sugar,  1642  pounds  net  weight,  at  7|  cents  per 
pound. 


Paid  in  Cash,  for  a  set  of  Account  Books,  $10.25. 

4  


Henry  Rand  has  paid  me  $15,  on  liis  old  account. 


Sold  Dr.  George  Hammond,  on  account,  30  pounds 
Crushed  Sugar,  at  10  cunts  a  poiuid:  and  50  pounds 
Browu  Havana  Sugar,  at  8J  cents  per  pound. 

6  

Bought  of  Preston  &  Evans,  on  account.  Goods  amount- 
ing to  $203.29.     Paid  them  $150  in  Cash. 


Bought  of  Wm.  Lord,  for  Cash,  Merchandise  amount- 
ing to  $145.20. 


James  Carlton  has  paid  mo  $20  on  account. 

*  The  student  should  find  the  amount,  himself. 


Sept.  8. 
Orlando  Palmer  has  been  painting  in  the  store  4|  days, 
at    $1.25   per    day,  for   which   I   am    to   give   him 
credit. 

And  I  sell  him  2  pounds  of  Coifee,  at  12|  cents 
per  pound;  and  4  pounds  Crushed  Sugar,  at  12^ 
cents  per  jDound. 

, 9  : 

Sold  Charles  Smith,  on  account,  a  barrel  of  Flour  for 
$7,  and  a  barrel  of  Xew  Orleans  Sugar,  weighing 
234  pounds,  —  weight  of  cask  20,  net  weight  214 
pounds,- — at  6  cents  per  pound. 

10 


Paid  Cash  for  provisions,  for  my  house,  $7.08. 


Sold  James  Carlton  a  barrel  of  Flour  for  $7,  and  2 
jTouiids  of  Ning  Yong  Tea,  at  45  cents  a  pound. 

Bought  of  him,  2  cords  of  Oak  Wood  for  the  Store,  at 
$5  per  cord. 

,   11  

The  amount  of  Cash  received  for  Sales  to  this  date,  is 

$324.75. 
« 

Sold  Henry  Rand  a  tub  of  Butter,  60  pounds,  ■ —  (tub  S-J-,) 
51^  pounds  net, — at  22  cents  a  jiouiid  ;  and  1  ex- 
pounds Cheese,  at  13  cents  a  pound. 


i28 


BOOKKEEPING. 


Sept.  13. 
Cliarles  Smith  has  given  me  his  Note  for  $100,  payable 
in  30  days,  in  part  payment  of  his  account. 


Paid  Cash  for  Desk,  Chairs,  Stove,  Ac,  per  bill,  $26.50. 


Sold  Dr.  Geo.  Hammond  a  barrel  of  Flour  for  $7.25,  and 
10  gallons  of  Sperm  Oil,  at  $1.50  per  gallon.  He  has 
presented  his  bill  for  "doctoring"  my  family  for  the 
past  year,  amounting  to  $16.53,  and  has  paid  the 
balance  of  his  account,  $12.85,  in  cash. 

14 


Paid  Harlow  &  Co.  $100  on  account. 


Received  of  Samuel  Carter  the  amount  of  his  Note  :  prin- 
cipal $350,  with  interest  for  three  months,  $5.25. 


Bought  of  R.  B.  Simpson  &.  Co.  a  bill  of  Mdse.  amount- 
ing to  $123.45,  for  which  I  gave  my  Note,  payable 
2  months  from  date. 

15  


James  Carlton  has  given  me  an  Order  on  Smith  <feFarnum 
for  JIdse.,  to  the  amount  of  $40  ;  and  they  have  de- 


livered mo  the  goods. 


%»<.    16. 

Sold  Samuel  Shipman  a  barrel  of  Flour,  $7.50  ;  a  quintal 
of  Fish,  $4.25;  10  gallons  Molasses,  at  35  cents  a 
gaUou,  and  a  pound  of  Black  Tea,  45  cents. 


Received  of  Orlando  Palmer,  on  account,  $10. 
17  


Wm.  Grimes  brought  an  Order  from  Charles  Smith,  re- 
questing me  to  sell  goods  to  Grimes,  to  the  ainount 
of  $18.46,  and  to  charge  the  same  to  his  (Smith's) 
account ;  and  I  have  delivered  the  Goods. 


Paid  my  Note,  No.  1,  for  $175,  with  interest,  6  months 
and  15  days,  $5.69. 


Sold  Dr.  Hammond  a  tub  of  Butter,  56  pounds  net,  at 

21J  cents  per  pound. 
^   18 

Bought  Mdse.  of  Harlow  &  Co.,  on  account,  amounting 
to  $167.19.  ■     " 


Received  of  Henry  Rand,  on  account,  $17. 


Paid  Cash  for  a  ton  of  Coal,  for  the  Store,  $6.50. 


The  Cash  Sales  this  week  amount  to  $207.38. 


29- 


B  0  0  K  K  F,  E  P  I  X  G  . 


Sept.    20. 
Sold  James  Carlton  a  barrel  of  X.  0.  Sugar,  208  pounds 
net,  at  5^  cents  a  pound. 


Lent  A.  B.  Lunt  $500,  taking  his  Note  at  60  days,  for  same. 
21  


Received  of  Orlando  Palmer  S7.25,  on  account. 


Delivered  to  Stephen  Williams,  on  Henry  Rand's  Order, 

goods  amounting  to  $12. 

' 23  

Charles  Smith  has  paid  mo  $25,  on  account. 
24  


Samuel  Shipman  has  sold  mo  G  barrels  of  Apples,  at  $2.12| 
per  barrel,  and  jmid  the  balance  of  his  account  in 
Cash,  $2.95. 


Paid  Preston  &  Evans  $50,  on  account. 
25  


Paid  a  bill  for  Clotliing,  for  myself,  $23.95. 


Sold  James  Carlton  a  barrel  of  Molasses,  containing  30 
gallons,  at  28  cents  per  gallon,  and  took  his  Note,  on 
demand,  for  the  balance  of  his  account,  $38.73. 


Tlie  Butter  wliich  I  sold  to  Henry  Rand  on  the  11th  day 
of  tin's  month,  not  proving  as  good  as  I  thought  it 
was,  I  have  made  liim  a  deduction  of  $1.50. 


Sept.    27. 
C.  F.  Gerry's  Note,  No.  2,  was  jiaid  in  to-day,  amounting 
to  $342.80. 

a 

Gave  Harlow  <fe  Co.  Charles  Smith's  Note,  dated  13fii  of 
September,  for  $100  ;  and  also  my  Note,  jjayable  (JO 
days  from  this  date,  for  $40. 


The  Cash  Sales  last  week  amounted  to  $295.16. 


Henry  Rand  has  passed  a  Note  to  me,  whicli  he  had  pre- 
viously received  of  Zenas  Upham,  for  $25. 

29  

Gave  Preston  &  Evans  my  Note,   on  demand,  for  the 
balance  due  them,  $93.73. 

30   


Paid  Harlow  <fe  Co. 


on  account. 


Paid  my  Clerk's  salary  for  the  numtli,  $30. 


Cash  Sales  for  tliis  week,  $169.48. 

u     


Having  taken  an  Inventory  of  the  goods  in  the  store, 
I  find  the  amount  to  be  $2543.21.  1  liuve  Notes  against 
various  persons,  amounting  to  $56o.7o.  1  owe  Notes 
amounting  to  $257.18. 


30 


M 
1 

SINGLE 

ENTEY. 

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BOOKKEEPING 


DIRECTIONS  FOR  POSTING  AND  CLOSING. 

When  tlie  learner  has  written  the  Day-Book  and  Cash- 
Book,  he  may  proceed  to  post,  as  in  the  first  set.  The 
Ledger  should  contain  only  the  Personal  Accounts,  and 
therefore  no  enti-ies  will  be  posted  but  those  in  which  some 
person  is  debtor  or  creditor. 

Although  this  set  represents  the  business  of  only  one 
month,  yet  everything  is  done  in  the  same  manner  when  the 
books  are  closed  only  once  a  year. 

In  practice,  the  Personal  Accounts  are  not  closed  till 
they  are  settled,  unless  the  Ledger  is  full,  and  a  new  one  is 
to  be  opened. 

The  Ledger  is  omitted  here,  that  the  learner  may  be 
obliged  to  rely  more  upon  himself,  and  prove  his  own  work. 

REVIEW. 
From  the  statement  on  the  first  page  of  the  Day-Book,  it 
appears  that  I  commenced  business  with  resources  of  various 
kinds,  amounting  to  $3721,  and  that  I  owed,  at  the  same 
time,  $291,  making  the  Net  Capital  $3430. 
Ml/  presenl  Assets  are: 

per  Invt.-Book,  $2543.21 

Cash-Book,      756.00 

Bill-Book,      563.73 

Ledger, 


Merchandise, 

Cash, 

Notes,  due  me, 

llenrj'  Rand  owes  me, 

0.  Palmer, 

Dr.  Hammond,  "       " 

My  present  Liabilities  are: 

I  owe,  on  Notes,  per  Bill-Book, 

"     "     Charles  Smith,  per  Ledger,     . 

"     "     Ilariow  &  Co.,     " 

My  present  Net  Capital,  therefore,  is 


15.21 
10.44 
12.04  $3900.63 


$257.18 
3.18 
25.90     $2S6.26 


$3014.37 


Net  Capital  brought  up,  $3614.37 

From  which  subtract  the  original  Net  Capital,      .      3430.00 

And  the  difierence  is  the  Net  Gain, $184.37 

But  I  have  spent  in  Cash,  for  my  own 

use  (see  Cash-Book),        $31.03 

And  I  have  also  paid  Dr.  Hammond's 
bill,  for  my  family,  in  goods,  per  Day- 
Book,  page  4 16.53        47.56 

Total  Net  Gain $281.93 


The  amount  spent  on  my  own  personal  account,  $47.56, 
should  he  counted  among  the  gains ;  because,  if  it  had  not 
been  spent,  it  would  now  be  on  hand,  either  in  Cash,  Goods, 
or  something  else. 

This  set  of  Books,  together  with  the  first,  is  an  example 
of  what  might  he  called  pure  Single  Entry,  as  the  Ledger 
contains  only  Personal  Accounts. 

A  Stock  Account,  to  show  the  amount  of  capital  invested, 
&c.,  would  be  convenient ;  but,  as  it  properly  belongs  to 
Double  Entry,  it  is  not  inserted.  All  the  necessary  facts 
can  be  obtained  from  the  statement  of  the  resources  and 
liabilities  on  the  first  page  of  the  Day-Book. 

The  Net  Capilal  may  be  found,  at  any  time,  by  subtracts 
ins:  the  whole  amount  of  the  debts  from  the  whole  amount 
of  the  property,  including  what  is  due  from  others.  But 
when  the  debts  exceed  the  assets,  the  difference  is  called 
the  Net  Insolvenaj. 

The  Net  Gain,  or  Net  Loss,  may  always  be  found  by 
comparing  the  Net  Capital  at  tlie  commencement  with  that 
at  the  close  of  the  business. 


45. 


BOOKKEEPING. 


QUESTIONS     ON     THE     SECOND     SET    (SINGLE), 


"Wliat  kind  of  business  is  represented  liy  this  set? 

What  books  are  used? 

Why  do  business-men  keep  a  Cash-Book  ? 

What  is  entered  in  it  ?     Why  ? 

What  is  put  on  the  left-hand  side? 

Wliat  on  the  right-hand,  or  Cr   side? 

Wliat  will  the  difference  between  the  two  sides  show? 

What  must  agree  with  this  amount? 

If  it  does  not  agree,  what  is  tlic  conolusion  ? 

Please  state  the  whole  process  of  balancing  the  Cash-Book. 

How  often  should  the  Cash-Book  be  balanced?     Why? 

What  is  said  of  the  ruling  and  footing  ? 

Can  the  amount  paid  out  ever  exceed  that  received  ? 

Which  will  bo  the  largest,  if  either,  tlic  amount  received,  or  that 

whicli  is  paid  out? 
How  often  is  tlie  Cash-Book  in  tliis  set  balanced?     Why? 
What  should  be  included  in  the  "Balance  on  hand"? 
For  wliat  is  the  Petty  Casli-Boot  used  ? 
How  often  is  the  amount  transferred  to  tlic  Cash-Book? 
How  often  in  this  set?     AVhat  is  said  of  Ixdancing? 
How  will  you  commence  the  study  of  tliis  6ct  ? 
How  sliould  tlie  entries  be  ma,dfi  in  the  blank  Daj-Book  ? 
What  is  said  of  the  Cash  items  ? 

How  should  Cash  on  account  bo  entered,  and  how  marked? 
What  is  said  of  the  "  History  "? 
Is  sucli  a  book  now  generally  kept  ? 
What  is  tlie  first  record  in  the  liiytory  ? 
What  is  the  first  transaction  which  is  recorded?     In  which  book 

sliould  it  bo  entered  ? 
Wliat  is  the  second  transaction,  and  how  should  it  bo  recorded  ? 


Please  state  how  each  of  the   records  in  the  History  should  be 

entered  in  tlio  Day  or  Cash  Book  ? 
What  statements  are  made  at  the  end  of  the  Day-Book? 
What   is   tlio   first   account   in   the    Ledger  ?     AVliy   is   this   put 

first  ? 
What  entries  are  to  be  omitted  in  posting? 
What  length  of  time  is  covered  by  this  set? 
Would  the  books  be  opened  and  dosed  in  the  same  manner  if  tlio 

time  were  longer? 
How  often  are  tlie  personal  accounts  balanced  by  bookkeepers? 
On  what  accounts  are  the  balances  in  my  favor? 
On  which  are  they  against  me? 
Which  accounts  arc  settled  in  full? 
Which  has  but  one  item  on  each  side? 
AVith  what  capital  did  I  commence? 
What  is  the  value  of  the  Mdse.  remaining  unsold  ? 
How  much  cash  is  there  on  hand  ? 
What  IS  the  amount  of  the  notes  due  mc?     How  much  does  Henry 

Rand  owe  me  ?  —  Orlando  Palmer  ?  —  Dr.  Ilaumioud  ? 
What  is  tlie  whole  amount  of  my  assets  ? 
How  mudi  do  I  owe  ? 
Of  what  items  do  my  debts  consist? 
What  is  my  present  net  capital  ? 
How  much  have  I  gained  by  the  business  ? 
How  much  lia\e  I  spent  for  my  own  use ? 
.Slumld  that  be  counted  as  a  part  of  the  gain?     Why? 
Wliat  is  said  of  the  first  two  sets  of  Book;;  ? 
Wliy  is  there  no  stock  account  in  this  set  ? 
How  may  the  not  capital  always  be  found  ? 
How  the  gain  or  loss  ? 


16 


DOUBLE     ENTRY, 


FIRST    SET. 


47 


DIRECTIONS    FOE    WRITING    THIS    SET. 


This  set  is  intended  to  cxhi!)it  tlic  principles  of  Double 
Entry,  and  especially  to  show  its  advantages  over  Single 
Entry,  as  applied  to  the  same  business.  For  this  pur- 
pose we  make  use  of  the  same  Day-Book  and  Cash-Book, 
without  any  change  whatever. 

The  learner  will  first  study  the  explanations  and  rules 
as  far  as  to  tlie  first  Journal,  so  as  to  answer  the  ques- 
tions, as  he  would  in  any  other  branch  of  study. 

FIRST   FORM   OF   JOURNAL. 

He  will  now  turn  liack  to  tlic  Hislori/  of  Ihe  Business, 
page  27,  and  journalize  eacli  transaction  sejiaratcly,  as  in 
the  First  Journal.  The  cash  entries  must  also  be  en- 
tered in  the  Cash-book.  This  Journal  will  embrace  all 
the  transactions  of  the  business,  iuchiding  those  in  the 
Cash-Book.  But  this  kind  of  Journal  is  not  recom- 
mended for  the  use  of  business  men,  bec'ause  it  requires 
too  much  writing.  Its  use  liere  is  to  teacli  the  beginner 
whai  it  is  to  be  debited,  and  v'hat  credited,  in  any  given 
transaction.     The  posting  may  be  omitted. 

SECOND    FORM    OF    JOURNAL. 

Having  learned,  by  the  first  form  of  Journal,  liow  to 
to  apply  the  rules  for  debits  and  credits,  the  student  will 
next  proceed  to  write  tlic  second  form.  This  is  made 
from  the  engraved  Day-Bonk  as  follows: — The  entries 
on  tlie  first  page  are  journalized  as  in  tlie  first  form. 
Tlien  tlic  first  entry  on  the  second  jiage,  and  all  others 
of  the  sartie  kind  on  that  and  the  third  page,  are  taken 
together  Csee  engraved  Journal)  and  checked  off.    Then 


take  the  second  entry  on  the  second  page,  and  all  like 
it  on  the  two  pages.  Continue  to  do  so  (omitting  the 
Cash  items)  till  all  the  entries  on  these  two  pages  are 
taken.  Proceed  in  the  same  manner  with  tiie  next  two 
pages,  and  so  on  through  the  Day-Book.  Finally,  take 
the  Cash-Book,  one  page  at  a  time. 

THIRD   JOURNAL. 

This  method  requires  too  much  turning  of  the  kaves, 
in  looking  for  the  similar  entries,  when  the  books  are 
kept  as  these  are ;  but  it  is  convenient  where  the  sales, 
purchases,  etc.,  are  kept  in  separate  books.  It  will  be  an 
interesting  exercise  for  the  learner,  but  he  need  not  jmsl  it. 

POSTING    FROM    THE    DAY-BOOK. 

After  having  posted  the  Second  Journal,  and  closed 
the  Ledger,  the  learner  will  probably  be  able  to  post 
directly  from  the  Day-Book  of  the  second  set,  single 
entry.  The  opening  entries  are  posted  according  to  the 
directions  on  pages  63-65. 

The  other  entries  on  tlie  first  page  as  well  as  those 
in  the  Cash-Book,  may  be  posted  separately.  Then  all 
the  similar  entries  on  the  2d  and  3d  pages  are  condensed 
into  one  by  adding  their  amounts,  on  a  slip  of  paper,  and 
the  whole  amount  of  each  is  posted  in  one  item  to  their 
several  accounts  in  the  Ledger.  Proceed  in  the  same 
manner  with  the  4th  and  5th,  and  6th  and  7th  pages. 
The  Cash  must  be  examined  each  day,  and  those  entries 
■«hich  are  not  marked  "  D.  B."  should  be  posted  in  their 
proper  order,  and  marked  as  in  the  Day-Book. 


« 


DOUBLE   ENTRY. -FIRST  SET. 


The  peculiarity  of  Double  Entry  is,  as  lias  already 
been  stated,  that  the  amount  of"  each  entry  in  the  Day- 
Booh  is  posted  tu  the  Dr.  side  oi  one  or  more  accounts 
in  the  Ledger,  and  also  to  the  Cr.  side  of  one  or  more 
others. 

One  advantage  of  this  method  is,  that  it  enables 
the  Bookkeeper  to  ascertain  whether  mistakes  have 
been  made  or  not:  for  if  every  sum  which  has  been 
posted  on  the  Dr.  side  of  any  account  has  also  been 
entered  on  the  Cr.  side  of  some  other  account,  it  is 
evident  that  the  whole  amount  of  the  debits  for  any 
given  time,  should  be  equal  to  the  whole  amount  of  the 
credits,  for  the  same  time.  If  these  two  amounts  do 
not  agree,  we  conclude  that  some  mistake  has  been 
made,  and  pei'haps  many.  The  next  step  is,  to  find 
where  the  mistakes  are,  and  then  to  correct  them  in 
the  same  manner  as  in  Single  Entry. 

Another  advantage  of  Double  Entry  is,  tliat  the  state 
of  one's  affairs  can  be  leai'ncd  from  the  examination  of 
a  few  of  the  most  important  accounts,  Avithout  being 
obliged  to  go  through  the  wliole  Ledger.  Fur  sup^ios- 
ing  all  the  debts  to  be  "  good,"  it  is  only  necessary  to 
examine  the  Profit  <fe  Loss  account,  with  those  other 
accounts  that  are  to  be  closed  into  it,  such  as  Merchan- 
dise, Expense,  Literest,  <fcc.,  ami  tlie  Stock  account,  to 
ascertain  the  gain  or  loss,  and  consequently  the  ^j;-ese?i< 
xoorth  or  net  capital. 


But  when  botiks  are  kept  by  Single  Entrj',  as  has 
been  shown  already,  the  Ixiokkeepur  is  obliged  to  take 
the  balances  from  all  the  ^jer.s-o;«^Z  accounts,  of  which 
there  arc  sometimes  several  thousands,  in  order  to  find 
the  net  capital,  and  the  gain  or  loss. 

ACCOUNTS. 

In  Single  Enlnj  Bookkeeping  we  have  seen  that  ac-. 
counts  are  kept  with  persons  only;  but  in  Double 
Entry,  accounts  are  kept  with  things  as  well  as  ■with 
persons.  Not  only  may  every  kind  of  property  in  our 
possession  be  represented  l)y  an  account  in  the  Ledger, 
but  also  the  expenses,  gains,  losses,  <fec.,  in  the  various 
parts  of  our  business. 

The  design  and  use  of  these  accounts  are  more  fully 
stated  in  the  following: 

E  X  r  L  A  N  A  T  I C)  N     OF    A  C!  C  0  U  N  T  S . 

Personal  Accounts  are  those  which  wo  keep  witli 
the  different  persons  with  whom  we  have  dealings. 

Property  Accounts  are  those  which  relate  to  tlie 
various  kinds  of  property  we  OAvn.  Cash  and  Bills 
Receivable  are  of  this  kind. 

Speculating  Property  Accounts  are  those  repre- 
senting property  which  wo  buy  and  sell,  intending  to 
make  a  profit :  Jlerchandise,  Bank  Stock,  Railroad 
Stock,  Houses,  Land,  Ships,  <fec.,  belong  to  this  class. 


49 


BOOKKEEPING. 


Representativk  Accounts  are  such  as  show  the  ex- 
pense and  income,  gains  or  kisses  on  particular  branches 
of  business.  Among  these  are  Expense,  Interest,  Dis- 
count, Commission,  Guarantee,  Insurance,  <fec.  These 
are  sometimes  called  Fictitious  Accounts. 

STOCK  AND  PARTNERS'  ACCOUNTS. 

When  one  person  is  doing  business  alone,  his  account 
is  generally  called  "  Stock ; "  but  when  there  are  two 
or  more  persons  composing  a  firm,  an  account  is 
opened  with  each  of  the  partners. 

Each  of  the  partners  is  credited  for  his  propert_y  in- 
vested, and  debited  for  such  of  his  debts  as  are  assumed 
by  the  firm.  The  difference  between  these  two  sums 
makes  each  one's  net  capital.  The  amount  of  property 
invested  by  all  of  them  makes  the  capital  of  the  firm. 

MERCHANDISE  ACCOUNT. 
This  account  is  kept  to  show  the  whole  amount  of 
morchandiso  bought  and  sold ;  and  also  whether  there 
is  a  gain  or  loss  on  the  merchandise  itself,  and  if  so, 
how  much.  It  is  charged  or  debited  for  the  amount  on 
hand  at  the  commencement  of  business,  and  also  for  the 
cost  of  all  that  is  bought  afterwards ;  and  is  credited 
for  the  amount  of  the  sales,  from  time  to  time  :  and 
when  the  account  is  to  be  closed  it  is  also  credited  for 
the  amount  remaining  unsold,  estimated  at  its  market 
value.  Then  the  difference  between  the  two  sides  of 
the  account,  if  any,  will  be  the  gain  or  loss  upon  that 
account. 


These  remarks  will  apply  to  all  other  s^peculatimj 
property  accounts. 

BILLS    RECEIVABLE. 

This  name  is  applied  to  Notes,  Drafts,  Bills  of  Ex 
change,  Bonds,  &c.,  on  which  we  are  to  receive  payment, 
and  is  ^lot  apjjUed  to  "  Bills  of  Goods,"  or  Bills  for 
services. 

This  account  is  debited  for  the  Notes,  &c.,  which  we 
receive  from  others,  and  on  which,  also,  we  are  to  receive 
the  payment,  because  they  cost  us  whatever  wo  give  in 
exchange  for  them,  just  as  we  would  debit  a  man  foi 
the  money  we  have  paid  out  for  him.  So,  also,  this  ac- 
count is  credited  for  the  sums  we  receive  as  payments 
on  the  Notes,  <fec. 

As  the  account  is  debited  when  the  Notes  are  re- 
ceived, and  credited  when  they  are  paid,  the  amount  of 
the  credit  side  never  can  be  the  largest ;  but  when  all 
the  Notes  are  paid,  the  two  sides  will,  of  course,  be 
equal ;  and  when  they  arc  not  equal  the  balance  is  the 
amount  remaining  unpaid. 

BILLS     PAYABLE. 

Bills  Payable  are  those  Notes,  Drafts,  Bonds,  <fec.,  which 
we  owe,  and  which  are  therefore  payable  by  us  to  others. 
This  account  is  credited  when  we  give  a  Note  or  other 
written  obligation  to  pay,  or  accept  a  Draft  or  Bill  of 
Exchange,  thereby  binding  ourselves  to  pay,  at  a  future 


50 


BOOKKEEPING. 


time ;  and  it  is  debited  for  the  amounts  which  we  pay  on 
these  Notes,  Drafts,  <fcc. 

When  the  Notes  are  all  paid  the  account  will  balance 
itself ;  but  the  difference  between  the  two  sides  of  the 
account,  if  any,  will  be  the  amount  which  wo  still  owe 
on  the  Notes,  &c. 

CASH. 

A  Cash  account  is  sometimes  kept  in  the  Ledger ;  but 
as  it  is  of  the  same  nature  as  the  Cash-Book,  it  does 
not  seem  to  be  necessary  to  repeat  it. 

A  montlily  Cash  account,  however,  may  be  kept  with 
little  labor,  by  posting  in  one  item  the  whole  amount 
received  during  the  month,  and  in  another  the  whole 
amount  paid  out.  When  this  account  is  included,  the 
whole  business  is  represented  in  the  Ledger. 

BANK    ACCOUNT. 

This  account  is  not  generally  kept  in  the  Ledger,  by 
those  who  do  much  business,  as  it  requires  too  much 
writing ;  the  money  deposited  in  a  l>ank  being  counted 
as  cash  on  hand.  But  an  account  of  the  cash  deposited 
from  day  to  day,  the  notes  collected  by  the  Bank,  ifec, 
as  well  as  the  amounts  drawn  out  on  checks,  should  be 
kept  in  some  form ;  and  it  is  customary  to  keep  it  in 
the  Check-Book,  which  will  be  more  fully  explained  in 
another  set.  When,  however,  this  account  is  put  in 
the    Ledger,   it    is    similar    to    a    cash   account.       The 


balance,  at  any  time,  will  be  the   amount  in  the  Bank 
belonging  to  us. 

INTEREST     AND     DISCOUNT. 

These  two  accoimts  are  classed  together,  because 
they  are  of  the  same  nature,  —  Interest  being  a  com- 
pensation for  the  use  of  money  after  it  is  due,  and 
Discount  a  similar  allowance  for  the  use  of  money 
before  it  is  due. 

They  are  debited  for  the  sums  paid  out,  and  for  the 
allowances  made  against  ourselves,  either  for  interest 
or  discount ;  and  credited  for  the  sums  received,  and 
for  allowances  of  Interest  or  Discount  in  our  favor. 

If  the  amount  of  the  Dr.  side  is  largest,  the  difference 
is  a  loss  ;  but  if  the  excess  is  on  the  Cr.  side,  it  is  a  gain  ; 
and  the  gain  or  loss  is  finally  carried  to  the  Profit  &  Loss 
account. 

EXPENSE    ACCOUNT. 

Under  this,  or  a  similar  title,  an  account  is  kept  of 
the  expenses  of  the  business,  such  as  Rent,  Fuel,  Clerk- 
hire,  Stationery,  Postage,  ifec. 

As  there  is  seldom  any  income  from  these  sources, 
there  are  not  many  credits  on  this  accoinit,  and  the 
whole  amount  of  the  Dr.  side,  being  loss,  will  be  carried 
to  the  Profit  &  Loss  account,  when  the  accounts  are 
closed. 

A  separate  account  may  be  opened  for  either  of  the 
above  branches  of  expense,  to  be  kept  and  closed  in  the 
same  manner  as  the  above. 


51 


BOOKKEEPING. 


INSURANCE 

Is  sometimes  put  uikIoi-  tlie  neneral  head  of  expense, 
but  a  separate  account  is  kept  "wlicncvi/r  it  i=  ut  great 
amoiiut. 

COMMISSION     AND     GUARANTEE. 

These  accounts  are  dehited  for  the  sums  paid  out, 
and  credited  for  those  received  from  others,  as  compen- 
sation for  buying  or  selling  goods,  or  for  other  services. 
Tiicy  are  closed  into  the  Profit  and  Loss  account. 


BOOKS. 

The  books  used  in  this  set  are  the  "Waste-Book  or 
Day-Book,  Journal,  Cash-Book,  and  Ledger. 

THE    WASTE-BOOK     OR     DAY-BOOK. 

The  "History"  of  the  second  set,  Single  Entry,  is 
used  again  in  this  set,  under  the  name  of  "Waste-Book, 
or  Day-Book.  Such  a  book,  with  the  Journal,  Avas 
formerly  considered  an  essential  part  of  the  Double 
Entry  system,  but  it  is  now  going  out  of  use. 

It  contains  a  record  of  the  business,  stated  in  simi)lo 
language,  such  as  might  be  used  by  a  person  not  ac- 
quainted with  the  forms  of  Bookkeeping.  The  debtors 
and  creditors  are  not  named,  but  all  the  important  par- 
ticulars,—  such  as  the  name  of  the  person,  date,  quan- 


52 


tity,  quality,  price,  terms  of  payment,  &c.,  are  stated. 
These  records  are  afterwards  written  over  again  in 


THE    JOURNAL. 

The  .Journal  is  the  book  in  which  the  several  entries 
which  iiave  been  made  in  the  Day-Book  are  re-written 
in  a  more  brief  and  regular  order,  preparatory  to  being 
posted  into  the  Ledger. 

Although  tlie  Journal  is  not  absolutely  necessary  in 
business,  yet  it  is  quite  important  that  the  learner  s-hould 
study  it,  in  order  to  know  how  to  make  tiie  original 
entries  in  sucli  a  manner  as  to  be  able  to  dispense  villi 
it,  and  to  post  directly  from  tlie  Day-Book,  and  other 
books  in  which  the  original  entries  have  been  made. 
The  Journal  is  also  useful  as  a  means  of  condensing 
several  entries  into  one,  and  thereby  shortening  the  pro- 
cess of  posting. 

JOURXALIZING. 

The  process  of  tiansferring  from  the  Day-Book  into 
the  Journal  is  called  journalizing.  It  consists,  mainly, 
in  specifying  the  Drs.  and  Crs.  connected  with  each 
transaction,  with  tlieii  amounts. 

It  is  customary  to  mention  the  debtor  first,  followed 
by  the  creditor:  thus,  If  A.  owes  B.,  then  A.  is  Dr.  and 
B.  is  Cr. ;  or,  A.  is  Dr.  to  B. 

As  soon  as  an  entry  is  transferred  to  the  Journal,  it 
should  be  marked,  or  checked  on  the  book  from  which  it 
is  taken,  to  prevent  its  being  taken  again. 


BOOKKEEPING. 


RULES     FOR    JOURNALIZING. 


Rule  1. —  For  Opening  the  Books. 

Tlic  several  liiiith  of  jjropeiiij  on  hand  at  tlie  com- 
mencement, as  ivell  as  the  persons  who  owe  me,  are  debited 
to  "  Sfoch;"  and  Stock  is  debited  to  each  of  the  p)ersons 
and  thinijs  that  I  owe. 


Rule  2. — For  Property. 
The  thing  received  by  jie  is  debtor  to  the  thing  (jiven. 

Rule  3.  —  For  Persons  and  Puopkrty. 

The  receiver,  or  the  thing  received  Inj  me,  is  debtor ; 
and  the  giver,  or  the  thing  given  by  me,  is  creditor. 

Rule  i.  —  Profits  and  Losses. 

The  Profit  d;  Loss  account  is  debited  for  the  losses, 
and  credited  for  the  gains  of  business. 


illustrations  and  EXAiMPLES. 

I. 

If  I  commence  business  with  Merchandise  amounting 
to  $4530 ;  Cash,  $500 ;  Notes  due  me,  $G25  ;  then 
Mdse.,  Cash,  and  Kills  Receivable,  are  debtors  to  Stock  ; 
and  Stock  is  credited  for  the  amount  of  the  whole  ;  and 
the  Journal  entry  would  be  : 


Sundries  Dr. 
Mdse.,  .     .     .     . 
Cash,    .     .     .     . 
Bills  Seceivable, 


To  Stock, 


$4530 
500 
625 


$i>G55 


If,  at  the  same  time,  I  owe  on  Notes,  $345  ;  and  to  A. 
B.,  on  accomit,  $321 ;  and  to  C.  D.,  $70 ;  then  Stock  is 
Dr.,  and  Bills  Payable,  A.  T>.  ami  C  P.,  are  Crs.,  thus: 


Stock  Dr. 


To  Sundries, 
Bills  Payable,     . 

A.B 

CD. 


II. 


$345 
321 

76, 


1742 


If  I  buy  Mdse.  and  pay  Cash  for  it,  Mdse.  is  Dr.  and 
Cash  is  Cr.  ;  or,  Mdse.  is  Di-.  to  Cash. 

If  I  liuy  !Mdsc.,  givins;-  my  note  for   it,  Mdse.  is  Dr.. 
to  Bills  Payable. 


53 


]i  0  (I  K  K  i:  K  p  I  X  ( ; . 


If  I  sell  Mdse.  for  Cnsh.  Cash  is  Dr.  to  Mdse.  If  I 
sell  Mdse.  to  E.  F.,  tuking  lii.s  note  fur  it,  "  Bills  Receiv- 
able "  is  Dr.  to  Mdse. 

If  I  buy  Mdse.  amonntiiig'  to  |300,  and  give  in  pay- 
ment my  note  for  $200,  an<l  Cash  $100,  Mdse.  is  Dr., 
and  Cash  and  Bills  Payable  are  Crs.,  thus : 


Mdse.  Br.  To  Sundries, 
£!Us  Payable,  .  .  . 
Cash,     


•$200 
100 


fSOO 


If  I  sell  Mdse.  for  $500,  and  receive  in  payment  a 
Note  for  $300,  and  Cash  $200,  Bills  Receivable  and 
Cash  €are  Drs.  to  Mdse. 


Sundries  Dr. 
Bills  Bee, .     . 
Cash,     .     .     . 


To  Mdse., 


$300 
200 


$500 


III. 

Wlien  I  sell  Mdse.  to  A.  B.  on  credit,  A.  B.  is  Dr. 
to  Mdse. 

When   I  buy   Mdse.  of  C.  D.  on  account,  or  credit, 
Mdse.  is  Dr.  to  C.  D. 

I  buy  Mdse.  of  E.  F.,  amounting  to  $200,  for  which  I 

54 


pay.  Cash  doifn,$\00,  and  the  other  $100  I  am  to  pay  in 
three  months.  ^Idse.  is  Dr.  and  Cash  is  Ci-.  foi'  tlio 
amount  paid:  and  E.  F.  is  Cr.  for  the  $100  which  1  still 
owe  him. 


FIRST    JOURNAL. 


Cincinna/i,  f^cptrmhcrl,  1858. 


Sundries  Dr. 
Cash,  .... 
Merchandise,    . 
Bills  Receivable, 
Charles  Smith, . 
James  Carlton, 
Henry  Rand,    . 
Orlando  Palmer, 


To  Stock 


Stock  Dr. 


To  Sundries. 
•'   Bills  Payable,     . 
"  Preston  tfc  Evans, 

"  Harlow  &Co.,     . 

Se2^f.  1. 


Orlando  Palmer,  . 

To  Mdse., 


Store  expense. 

To  Cash, 


$250 

25C0 

G92 

83 

CO 

48 


$175 
DO 


19 


25 


37 


$3721 


$291 


19 


00 


00 


25 


37 


FIRST     J  0  U 


K  N  A  L. 

Sept.  8. 

Cash, 

To  James  Carlton, 

.  i(  

Store  expenses, 

To  Orlando  Palmer, 

.  It  

Orlando  Palmer, 

To  Mdse.,    .     .     . 

9 

Charles  Smith, 

To  Mdse.,    .     .     . 

^10 

James  Carlton, 

To  Mdse.,    .     .     . 

u  

Store  expenses, 

To  J'ames  Carlton, 

a 

Private  account, 

To  Cash,   .  .  . 

11 

Cash, 

To  Mdse.,  .  .  . 


Sept.  2. 

James  Carl 

ton, 

To  Mdse., 

.     .     .     . 

3 

Mdse., 

To  Harlow 

&  Co.,     . 

Store  expe 

nses,    . 

To  Cash, 

.     .     .     . 

4 

Cash, 

To  Henry 

Hand, .     . 

Dr.  George  Hammond, 
To  Mdse., 

.     .     .     . 

6 

Mdse., 

To  Preston 

&  Evans, 

Preston  & 

Evans, . 

To  Cash, 

.     .     .     . 

« 

Mdse.. 

To  Cash, 

•         •         •         . 

20 


123 


10 


15 


203 


150 


145 


50 

20 

50 

15 

123 

15 

25 

10 

25 

00 

15 

00 

13 

7 

13 

29 

203 

29 

00 

150 

00 

20 

145 

20 

20 

00 

20 

5 

63 
75 

5 

19 

84 

19 

7 

90 

7 

10 

00 

10 

7 

08 

7 

324 

75 

324 

00 


63 


75 


84 


90 


00 


08 


75 


FIRST      J  0  U  K  X  A  L  . 


Se^jt.   11. 

Henry  Riind,    .     .     . 
To  Mdse., 


13 


Bills  Receivable, 

To  Charles  Smith,     . 


Dr.  George  Hammond, .     . 


To  Mdse. 


Sundries     To  Dr.  Geo.  Hammond. 

Private  account, 

Cash, 


Store  expenses,    .     . 
To  Cash, 

14    _ 


HarloAV  &  Co.,      ,     • 
To  Cash, 


Cash,  To  Sundries. 

Bills  Receivable,  . 
Interest,       .     .     . 


Mdse., 


To  Bills  Payable, 


13  51 


10000 


22  25 


1G53 

12  85 


26  50 


100  00 


350  00 


123  45 


13 

51 

100 

00 

22 

25 

29 

38 ; 

26 

50 

1 

100 

i 
00 

3.55 

25 

123 

45 

Mdse., 


Sejit.   15. 

To  James  Carlton, 
16     


Samuel  Shipman, . 

To  Mdse., 


Cash, 


To  Orlando  Palmer, 
__    17    


Sundries              To  Cash. 
Bills  Payable,  .... 
Interest, 


Charles  Smith,     .     . 
To  Mdse., 


Dr.  GeorE^e  Hammond, 
To  Mdse.,  ' 

18    


Mdse., 


To  Harlow  &  Co., 


40 


15 


10 


00 


70 


00 


175  00 
5  69 


18 


12 


161 


46 


04 


19 


40  00 


15 


10 


180 


18 


12 


167 


70 


00 


69 


46 


04 


19 


Note.  The  remainder  of  this  Journal  is  omitted  to  save  space ; 
but  it  is  so  simple  that  the  student  will  find  no  difficulty  in  writing  it. 

:ir'  This  Journal  need  not  be  post.i. ;  but  if  all  the  entries  of  the 
same  kind  on  a  pag;c  are  collected  together  and  posted  in  one  item, 
this  form  may  be  as  good  as  any. 


56 


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THIRD      JOURNAL. 


THIRD      FORM     OF      JOURNAL. 

Cmrinmili ,  Siptcmbcr  1,  1858. 

Sundries  Dr.  To  Stock 

Cash, $250  G7 

Mdse., 25G0  00 

Bills  Receivable, G92  80 

Charles  Smith, 83  52 

James  Carlton, 60  49 

Henry  Rand, 48  20 

Orlando  Palmer 25  32'  3721 


Stock  Dr.    To  Sandries. 

"  Bills  Payable,  .  . 
"  Preston  &  Evans, . 
"  Harlow  &  Co.,  .     . 

30 

Sundries  Dr.       To  Mdse. 
Orlando  Palmer, ist 

"  "  8th 

James  Carlton, 2d 

"  "  lOth 

"  "  20th 

"  "  25th 

Dr.  George  Hammond, .     .     .4th 

"  "  "  .       .       .13th 

"  "  "  .       .       .17th 

Charles  Smith, 9th 

"  "  17th 

Henry  Rand, nth 

«  "  ..2rl 

Samuel  Shipman, wth 


175 
90 
25 


20 

7 

11 


I 
22 
12 


19 

_18 

13 

12 


291 


48 


41 

38 

25 

15 

"177 


00 


00 

00 

24 

42 
30 

51 

70 
17 


30 
Mdse.  Dr.  To  Sundries. 

Harlow  &  Co.,  .     .  3d 

"                 "       .      .  IStll 

Prescott  &  Evans,  cth 

Bills  Payable,    .     .  ua 

James  Carlton,      .  isti; 

Samuel  Shipman,  .  24tii 


Bills  Receivable     To  Sundries. 
Charles  Smith,     .    wth 
James  Carlton,     .    astii 
Henry  Rand,  .     .    28th 


Priv.  Act.    To  Dr.  Hammond,  nth 


Profit  &  Loss     To  H.  Rand,    23th 


Hai'low  &  Co.     To  Bills  Rcc.,2nh 


Sundries  To  Bills  Pay., 

Harlow  &  Co., 2rth 

Preston  &  Evans,     ....  20th 


Store  Expenses     To  Sundries 

Orlando  Palmer,      .   sth 
James  Carlton, .       .  10th 


123 


10 


100 


00 
73 
00 


40  00 

93  73 


5  63 

loloo 


290 

20:: 

123 
40 
12 

G69 


34 
29 
45 
00 
75 

83 


163 


16 


53 


50 


100 


00 


133 


15 


61 


THIRD   JOURNAL. 


30 
Cash  To  Sundries, 
Henry  Rand,    .     . 
.liuncs  Carlton, 
Milsc,      .     .     .     nth 
Dr.  Geo.  Hammond, 
Bills  Receivable,  . 
Interest, 

Orlando  Palmer,  . 
Charles  Smith, 
Samuel  Shipmau,. 


.     4tli,  ISth 

32 

00 

8tll 

20 

00 

ISth,  Srth,  30th 

99  li 

77 

nth 

12 

8o 

.    Hth,  Srth 

692 

80 

14th 

5 

25 

.        .    lOtb,  2Iet 

17 

25 

23d 

25 

GO 

.        .              24th 

2 

95 

1804 

77 

30 
Sundries  To  Cash, 
Store  Expense,   ist,  3d,  isti: 
Preston  &  Evans, 
Jlerchaadise,    . 
Private  Account, 
Harlow  &  Co., 
Bills  Payable,  . 
Interest, 
Bills  Receivable, 


,  ISth,  30th 

Oth,  24th 

8th 

10th,  25th 

14th,  30th 

17th 

17th 

20tll 


92 

62 

200 

00 

145 

20 

31 

03 

150 

00 

175 

00 

5 

69 

500 

00 

1299 

54 


J^OTE.  —  The  intelligent  student,  who  has  studied  these  three  different  forms  of  Journal,  will  be  ahle  to  decide  which  is  best  for  his  use.  The 
first  is  intended  to  teach  the  student  /low  to  npjili/  the  rules  for  debits  and  credits,  and  thereby  enable  him  to  make  the  original  entries  correctly, 
and  to  post  them  without  journalizing.  In  the  second  form,  all  the  entries  of  the  same  kind,  on  two  pages /acf'yf^  each  other,  are  collected  into  one, 
thus  saving  space  in  the  Ledger,  and  labor  in  posting.  As  these  two  particulars  include  all  for  which  a  Journal  is  really  valuable,  in  practice, 
we  give  this  form  our  decided  preference.  The  third  form,  being  laborious  and  more  liable  to  error,  we  cannot  recommend  it,  except  when 
separate  books  are  kept  for  Livoices,  Sales,  &c.,  and  then  no  Journal  is  needed;  for  the  posting  from  the  original  entries  is  as  simple  as  it  can  be 
made  by  anv  process  of  journalizing,  and  is  less  laborious.  But  iii  posting  from  the  original  books,  several  similar  entries  may  be  classed  together, 
as  directed  on  the  48th  page. 


P2 


iJ  00  K  KEEPING 


POSTING. 

The  Posting  by  double  entry  requires  more  writing 
than  by  single  entry ;  but  not  so  much  more  as  is  gen- 
erally supposed. 

The  amount  of  each  entry  must  be  jtosted  on  the  Pr. 
side  of  one  or  more  accounts,  and  also  on  the  Cr.  side  of 
one  or  more  otiiers ;  but  it  is  not  necessary  that  these 
amounts  should  be  posted  separately. 

All  the  items  of  the  same  kind  upon  one  page,  or  for 
a  week,  month,  or  quarter,  may  be  added  together,  and 
entered  on  the  Ledger  in  one  amount.  Tliis  shortening- 
process  is  shown  in  the  second  and  third  journals  ;  and 
if  the  learner  should  post  from  the  second  form,  the 
amounts  in  his  Ledger  would  agree  with  those  in  the 
textrbook. 


DIRECTIONS. 

The  rules  for  journalizing  are  equally  applicable  io 
the  posting. 

Tlio  first  entry  in  tlie  Pay-Book  or  Journal  is  posted 
according  to  the  first  rule,  by  debiting  each  of  the 
accounts  representing  the  different  kinds  of  property, 
as  well  as  the  persons  who  owe  you,  to  "  Stock,"  that  is, 
to  yourself;  and  you  may  use  your  own  name  instead 
of  Stock,  if  you  choose. 


Sundries  Dr. 


To  Stock. 


Cash, 


Merchandise, .  . 
Bills  Receivable,  , 
Charles  Smith, 
James  Carltou, 
Henry  Rand,     . 
Orlandu  Palmer, 


$  250 
2560 
n6J 
83 
60 
48 
25 


$3721 


00 


To  post  the  first  item  of  this  entry,  turn  to  the  Cash 
accoimt,  and  on  the  Pr.  side  of  it  enter  the  date,  and 
also  the  words  "  To  Stock,"  the  page  of  the  Pay-Book 
or  Journal  from  which  you  are  posting,  and  the  amount, 
and  then  place  the  post-mark  opposite  to  "  Cash." 

In  the  same  manner  debit  the  Merchandise  account 
for  the  amount  of  the  Merchandise,  and  put  the  post- 
mark opposite  to  "  Mdse."  So  proceed  with  each  of 
the  other  debtors  in  tliis  entry. 

Then  credit  the  Stock  account  "  By  Sundries,"  for  the 
whole  amount  of  the  several  debits,  and  place  the  post- 
mark in  the  Journal  opposite  to  the  word  Stock.  This 
completes  the  posting  of  the  first  entry. 


Stock  Dr. 


To  Sundries. 
"   Bills  Payable,  .    . 
"   Preston  &  Evans, 
"   Harlow  &  Co.,     . 


$175 

00 

90 

44 

25 

66 

$291 

00 


This  entry  is  posted  as  follows :  Pebit  the  Stock  ac- 
count "  To  Sundries,"  for  the  Avhole  amount  of  the 
debits,  placing  the  post-mark  opposite  to  "  Stock,"  and 
also  credit  the  "  Sundries"  (Bills  Payable,  Preston   & 


63 


BOOKKEEPING. 


Evans,  and  Harlow  &  Co.)  "  By  Stock,"  each  for  its  own 
amount,  and  post-mark  them  as  nsual.  1 1    jy^g 

It  makes  no  difference  whether  the  debits  are  entered      g^pj  ] 
first,  or  the  credits;  but,  as  we  come  to  the  debits  first, 
in  reading  from  tlie  Journal,  it  seems  more  natural  to 
post  them  first. 

The  whole  of  the  posting  tlius  far  will  appear  more 
plain  as  shown  below.  We  insert  these  forms  here,  be- 
cause the  entries  are  more  difficult  in  themselves,  and 
because,  being  the  first  ones  in  double  entry,  begin- 
ners might  bo  puzzled  by  them. 


Dr. 


Stock. 


Or. 


1858 

1858 

Sept.  1 

To  Sundries  . 

1 

§291 

00 

Sept.  1 

By  Sundries . 

1 

Cash. 

1858 

Sept.  1 

To  Stock    .   . 

1 

#2.50 

67 

Mercltand'ise. 

1858 

Sept.  1 

To  Stock   .    . 

1 

©2560 

00 

Bills  Receivable. 

18.58 

Sept.  1 

To  Stook   .   . 

1 

$692 

80 

$3721 


00 


1858 
Sept.  1  '  To  Stock 


1858 
Sept.  1 


1858 
Sept.  1 


To  Stook 


Charles  Smith. 


To  Stock   .    .    1        $'83  52 

James  Cahlton, 


$•60 


4!) 


Henry  Rand. 


To  Stock   .    .    1        $48  20 

Orlando  Palmer, 


1 

$25 

32 

Bilh  Ptujahle. 


1  1858 
Sept.  1  By  Stock  .    . 

Preston  it  Evans. 


1858 
Sept.  1 


Harlow  &  Co. 


By  stock  .   . 


1858 
Sept.  1  By  Stock  . 


$175 


$90 


$25 


00 


44 


56 


64 


BOOKKEEPING. 


Tlio  words  "To  and  By"  are  used  in  the  Day-Bouk 
and  Journal  to  express  the  relation  between  the  debtor 
and  the  creditor ;  but  they  are  not  important  in  the 
Ledger,  and  ai-e,  therefore,  omitted  by  many  book- 
keepers. 

The  word  "  Sundries "  stands  for  two  or  more  per- 
sons or  things  of  different  kinds,  as  has  already  been 
shown  in  the  cxaniplos  in  journalizing.  In  posting, 
this  wortl  is  used  us  a  sliorter  form,  instead  of  mention- 
ing eacii  of  the  persons  or  things  that  are  included 
under  it. 

The  following  is  a  very  simple  rule  for  posting:  — 
Debit  each  of  the  Drs.  to  luhatever  stands  on  the  credit 
side  of  the  Journal  entry,  whether  one  or  more,  and 
credit  each  0/  the  Crs.  hy  whatever  stands  on  the  Dr.  side. 

The  next  entry  is  more  simple,  and  is  posted  by 
debiting  Orlaiuhi  Palmer  "  To  Mdse.,"  and  crediting  the 
Mdse.  account  '■  By  0.  Pahner."  Thus  the  Dr.  is  deb- 
ited to  the  Cr.,  and  the  Cr.  is  credited  by  the  Dr. 

The  Day-Boole  entries  on  the  Gth,  8th,  10th,  13th,  and 
25th,  are  each  to  be  regarded  as  two  entries,  written  in 
that  form  to  avoid  repeating  the  name. 

To  post  one  of  these  entries  requires  four  entries  in 
the  Ledger.  For  that  of  the  6th,  Preston  &,  Evans  arc 
credited  by  Mdse.,  and  Mdse.  debited  to  Preston  &  Evans. 
Preston  &  Evans  arc  also  debited  to  Cash,  and  Cash  is 
credited  by  Preston  ct  Evans. 

In  order  to  save  space  in  the  Ledger,  several  sim- 
ilar entries  are  condensed  into    one  in  the  Journal,  the 


date  of  the  last  ;7('»i  being  entered  in  the  Ledger;  and 
those  who  post  I'rom  the  I)ay-]3t)ok  niay  proceed  in  the 
same  manner. 

All  the  sales  of  Mdse.  on  the  third  and  fourth  pages 
are  journalized,  and  posted  in  one  item ;  and  all  the 
purchases  of  Mdse.  on  the  same  pages  are  also  journal- 
ized, and  posted  in  one  entry.  The  same  is  done  on 
the  fifth  and  sixth,  and  the  seventh  and  eighth  pages. 

The  rest  of  the  posting  will  probably  give  the  student 
little  or  no  trouble;  but  he  must  be  curel'ul,  or  he  will 
malvc  many  mistakes  which  will  spoil  his  Ledger,  and 
discourage  himself. 

CHECKING. 

When  the  posting  is  all  done,  the  next  step  is  to  com- 
pare the  postings  with  the  Journal  or  the  Day-Book. 
If  the  entries  in  the  Ledger  are  found  to  correspondi 
with  those  in  the  other  book,  they  are  checked  with  a 
pencil  in  both  books.  When  the  whole  has  been  ex- 
amined, if  any  entries  are  not  checked,  or  if  any  axe- 
checked  twice,  it  proves  that  some  mistake  has  been' 
made,  which  must  be  corrected  before  procee^Jiijig- 
further. 

The  Bookkeeper  generally  employs  another  pereon  toi 
read,  aloud,  the  entries  in  the  Ledger,  and  check  them,. 
Avliile  he  himself  examines  and  checks  the  Day-]>ki)ok. 

But  after  all  this  has  been  done,  errors  will  sotajetimes. 
escape  the  notice  of  both. 


'iS> 


BOOKKEEPING. 


A  D  n  I  X  G  . 

The  next  step  is  to  add  each  side  of  every  account 
in  the  Ledger  which  contains  more  than  one  item,  writ-  | 
ing  the  amounts  with  a  pencil  at  the  left  hau  I  of  the 
money  column. 

Now,  as  every  sum  in  the  Journal  has  been  posted  to 
the  Dr.  side  of  one  or  more  accounts,  and  also  to  the 
Cr.  side  of  one  or  more  others,  it  is  evident  that  the 
sum  of  all  the  debits  in  the  Ledger  should  be  equal  to 
the  sum  of  all  the  credits ;  and  if  these  two  sums  do 
not  agree,  there  must  bo  some  error  in  the  posting. 


THE     TRIAL    BALANCE. 

Write  the  titles  or  names  of  all  the  accounts  in  the 
Ledger,  in  a  column,  and  place  opposite  to  each  the 
amount  of  each  side,  in  two  separate  money  columns, 
the  debits  in  the  loft,  and  the  credits  in  the  right;  and 
in  the  narrow  left-hand  column,  the  page  of  the  Ledger. 
Finally,  add  tliosc  two  columns,  and  if  the  two  amounts 
are  equal,  the  posting  is  supposed  to  be  correct.  [Sec 
engraved  form  at  the  end  of  the  Ledger,  jiage  84.) 

But  this  proof  is  not  perfectly  certain;  for  if  a  sum 
has  been  posted  to  the  wrong  account,  it  will  make  no 
difference  with  the  Trial  Balance,  provided  it  is  put  on 
the  proper  side  of  the  account. 

Xor  will  the  Trial  Balance  be  of  any  service  in  cor- 
recting the  errors  that  may  have  been  made  in  the 
original  entries ;  but  the  Bookkeeper  will  need  to  use 


the  same  care,  in  this  respect,  as  if  ho  we;  e  keeping  bis 
books  by  Single  Entry. 

If  the  two  sides  of  any  account  are  equal,  that  ac- 
count should  be  closed  at  once,  and  may  be  omitted  in 
the  Trial  Balance,  as  it  will  not  affect  the  result. 

The  Trial  Balance  may  also  be  made  with  the  dif- 
ferences of  the  several  accounts,  instead  of  their 
amounts ;  and  this  will  be  found  more  convenient  in 
practice ;  —  for  the  same  differences  or  balances  that  are 
put  into  the  Trial  Balances  may  also  be  used  in  closing 
most  of  the  accounts. 

An  examination  of  the  Trial  Balance  will  also  show, 
at  once,  the  amounts  due  on  the  several  accounts. 

The  Trial  Balance  is  taken  aboiit  once  a  month, 
whether  the  books  are  closed  or  not ;  so  that  if  any 
mistakes  have  been  made,  they  may  be  corrected  with- 
out delay. 

INVEXTORY. 

"Wlienevcr  the  books  are  to  be  closed,  in  order  to 
find  how  much  has  been  gained  or  lost,  and  also  the 
present  state  of  one's  affairs,  it  will  be  necessary  to 
take  an  Inventory  of  the  Merchandise,  and  other  specu- 
lating property,  remaining  unsold.  This  is  generally 
done  at  the  end  of  the  year  or  oftener,  and  the  opera- 
tion is  caUod  "  Taking  an  Account  of  Stock.'"  The 
Inventory  should  contain  all  the  items  of  the  property, 
ascertained  by  counting,  weighing,  measuring,  A'c. ;  and 
the  prices  should  be  estimated  according  to  the  market 


BOOKKEEPING. 


value.  When  there  are  many  small  items  of  goods,  it 
is  customary  to  estimate  them  at  cost,  as  shown  by  the 
Bills  or  Invoices ;  but  where  the  items  are  large,  and 
the  price  is  much  greater  or  less  than  the  first  cost,  this 
method  is  not  sufficiently  accurate. 

In  this  set,  the  items  of  the  inventory  aie  omitted,  the 
whole  amount  only  being  stated. 

The  book  in  which  this  Inventory  is  written  is 
called  the 

INVENTORY     BOOK. 


1858 
Sept.  30 


Merchandise  now  on  hand  . 


$2543  21 


PREPARATIONS   FOR   CLOSING   THE  LEDGER. 

The  amount  of  the  Merchandise  notu  on  hand,  as 
found  in  the  Inventory-Book,  must  be  entered  on  the 
credit  side  of  the  Merchandise  account,  with  the  date  of 
the  closing,  and  the  description,  "By  Balance  (Invt.)." 
This,  like  other  closing  entries,  should  be  written  with 
red  ink,  when  it  is  convenient.  After  the  account  is 
closed  and  ruled,  this  balance  will  be  brought  doicn,  if 
the  account  is  to  be  continued  on  the  same  page  ;  and 
will  also  be  carried  to  the  Dr.  side  of  the  Balance  ac- 
coiuit,  as  part  of  the  assets. 

If  there  are  any  other  kinds  of  property  remaining 


]  unsold,   the    amount  of    each  will    be  entered   on    the 
I  credit  side  of  its  own  account,  in  the  same  manner  as 
i  the  Merchandise  above. 
j       In   this   set  there   is    no    other  kind   of  speculating 

property  remaining  unsold  ;  so  that  the  learner  is  now 

ready  for 

CLOSING    THE    LEDGER- 

Omit  the  Stock  and  the  Profit  &  Loss  accounts,  and 
proceed  to  close  the  next  in  oi'dcr,  wJiich,  in  this  set,  is 
the  Mercliandise  account. 

Find  the  difference  between  the  two  sides,  as  the  ac- 
count now  stands,  including  the  Balance,  per  Inventory. 
Now,  as  the  Dr.  side  shows  how  much  the  Merchandise 
cost  me,  and  the  Cr.  side  how  much  it  has  produced, 
directly  and  indirectly,  the  difference  between  these 
two  amounts  must  be  the  sum  gained  or  lost.  If  the  Cr. 
side  is  largest,  there  is  a  gain;  but  if  the  Di*.  side  is 
largest,  tlie  difference  is  a  loss. 

Illustration:  —  If  I  buy  three  barrels  of  Flour  at  $5 
a  barrel,  the  amount  of  tiio  Dr.  side  of  the  account 
would  be  $15 ;  and  if  I  sell  two  of  them  for  $6  a  barrel, 
the  amount  of  the  Cr.  side  would  be  $12.  Now,  it  is 
plain  that  it  would  not  bo  correct  to  say  that  I  have 
lost  the  difference,  $3,  because  I  have  paid  $15,  and  re- 
ceived only  $12;  for  the  other  barrel  of  Flour,  which  I 
have  on  hand,  ought  to  be  worth  what  it  cost  me  ;  and 
if  this  $5  is  added  to  the  amount  received  for  the  two 
barrels  sold,  the  whole  amount  of  the  Cr.  side  will  be 
$17.       Subtracting  $15,  the  amount  of  the  Dr.  side,  or 


B  O  0  K  K  K  E  P  I  N  G  . 


the  cost,  from  this  sum,  and  the  difference  is  S2,  wliioh 
must  be  the  gain.  Again,  as  I  gave  $5  per  liarrel,  and 
sold  it  for  $6,  I  have  gained  SI  on  each  barrel;  and  on 
two  barrels,  the  gain  must  be  $2,  as  above. 


Dr. 


Flour  Account. 


Cr. 


1858 

1858 

Sept.   12 

To  Cash     .   .   . 

«15 

Sept.  20 

By  Cash  .... 

812 

"      30 

"  Profits  Loss 

0 

' 

"      80 

"    Balance  Invt. 

5 

$17 

§17 

Oct.   1     ;  To  Balance    .    .  |    f  5| 

Sup]iose  two  barrels  of  the  above  Flour  have  been 
sold  at  $4r.75,  and  one  barrel  remains  unsold,  which  is 
worth  what  it  cost,  then  the  whole  account  will  show  a 
loss  of  50  cents,  and  be  closed  as  follows  : 


Dr. 


Flour  Account. 


Cr. 


1858 

I     1858 
Sept.    20 

Sept.    12 

Tu  Cash      .    .    . 

$15 

By  Cash    .    .    .    . 

$'■> 

50 

i 

"       30 

"   Balance  Invt. 

6 

00 

$n 

— 

C(                  C( 

"  Profit  &  Loss 

$15 

50 

00 

Oct.  1     ]  To  Balance    .   .  |    $5| 

When  the  projiorty  has  all  been  sold,  there  is,  of 
course,  no  "  Balance  Invt."  to  bo  entered  ;  but  the  ac- 
count will  be  closed,  in  other  respects,  as  in  the  first  case. 


The  balance  of  the  account  will  lie  the  gain,  or  lo.«s, 
according  as  the  Cr.  or  Dr.  side  of  the  account  is  the 
largest.  Suppose  the  Flour,  mentioned  above,  had  all 
been  sold  at  $G  per  barrel,  then  the  account  would  have 
appeared  as  follows,  showing  a  gain  of  $3  : 


Dr. 


Flour  Account. 


Cr. 


1858 

1858 

Sept.   12 

To  Cash  .... 

$15 

00 

Sept.  21 

By  Cash    .... 

$12 

00 

"       30 

"  Profit  &  Loss 

3 

00 

"     25 

.... 

6 

00 

$18 

00 

$18 

00 

Again,  if  the  Flour  had  all  been  sold  at  $4.75  per 
barrel  (less  than  cost),  there  would  have  been  a  loss 
of  .75,  and  the  account  would  have  been  closed  in  the 
folliiwinir  manner: 


Dr. 


Flour  Account. 


Cr. 


LS58 
Sept.   12 


To  Cash 


■ 

Ib.Jb 

$15'00 

Sept.  20 

By  Casli    .... 

$14 

25 

\ 

"      30 

"  Proiit  &  Loss  . 

75 

$15^00] 

$15 

00 

Proceed  in  the  same  manner  with  all  Speculating 
Property  accounts,  such  as  Bank  Stock,  Kailroad  and 
all  c)tlicr  Stocks.  Slups,  Houses,  Laud,  etc.  etc. 

The  Eepresontative  accounts,  Interest  and  Store  Ex- 
penses,  as  tliey  rej^resent  lessee  and  gains,  are  closed  into 


68 


BOOKKEEPING. 


the  Profit  &  Loss  account.  So  all  otlicrs  wliich  from 
their  natiii'C  sliow  a  gain  or  a  loss. 

Tlic  Private  account  is  closed  into  the  Stock  account, 
because  it  l)ek)ugs  to  the  same  person,  that  is,  the  owner 
of  the  business.  Some  prefer  to  post  the  private  ex- 
penses directly  to  the  Stock  account,  and  keep  no 
private  account ;  but  when  it  is  kept,  it  should  bo  closed 
as  above,  and  not  into  the  "  Profit  &  Loss,"  because  it 
is  not  a  part  of  the  losses  of  the  business. 

Tlio  Bills  Receivable  account,  like  other  property  ac- 
countri  (not  speculating),  is  closed  into  the  Balance 
account,  when  a  Balance  account  is  opened ;  but  in  all 
cases  the  closing  entry  will  be  "  By  Balance,"  for  the 
amount  of  unpaid  Notes  on  hand  at  the  time. 

The  Bills  Payable  account,  from  its  nature,  will  have 
the  largest  amount  on  the  Cr.  side,  so  long  as  any  of 
these  Notes,  <tc.,  remain  unpaid.  It  is  closed  "  To 
Balance." 

The  Personal  accounts  will  all  be  closed  into  the 
Balance  Account ;  that  is,  "  To  Balance,"  or  "  By 
Balance." 

The  Casli  account,  like  the  Cash-Book,  is  always 
closed  "  By  Balance,"  if  there  is  any  money  on  hand ; 
and  if  it  is  all  right,  the  balance  of  the  account  is  the 
same  as  the  amount  on  hand. 

If  those  accounts,  which  show  gains  or  losses,  have 
been  closed  into  the  Profit  &  Loss  account,  —  and  if 
those  which  show  only  balances,  either  in  my  favor  or 
against  me,  have  been  closed  into  the  Balance  ac- 
count,—  and  if  the  corresponding  entries  have  been 


made  on  the  Profit  &  Loss  and  Balance  accounts,  —  the 
learner  is  now  read}'  to  close  the  Profit  &  Loss  into 
the  Stock  account,  and  then  to  take  a 

SECOND     TRIAL     BALANCE. 

The  first  Trial  Balance  was  intended  to  prove  the 
correctness  of  the  posting,  and  this  is  to  show  whether 
any  mistakes  have  been  made  in  the  balancing  or  closing 
operations.  It  consists  of  the  balances  on  the  Stock 
and  Balance  accounts,  the  only  ones  which  have  not 
yet  been  closed. 

The  Stock  account  shows  the  net  capital  Avith  Avhich 
the  business  was  commenced,  and  also  the  net  gains 
which  have  been  added  to  it  since ;  and  the  sum  of  these 
must  be  the  present  net  capital. 

The  Balance  account  exhibits  the  whole  of  the  pres- 
ent assets  on  the  Dr.  side,  and  all  the  liabilities  on 
the  Cr.  side ;  and  the  balance  of  this  account  must  also 
be  the  present  net  capital. 

Now,  as  the  balances  of  these  two  accounts  both 
.show  the  present  net  capital,  -and  as  there  cannot  be 
two  diflerent  net  capitals  at  the  same  time,  it  follows 
that  these  balances  should  be  alike,  as  appears  below  : 


STOCK    ACCOUNT. 

Cr., S3952.9.3 

Dr., 338.56 

Balance,    .  .  $3G14.37 


nAI.ANCK    ACCOUNT. 

Dr., 3900.03 

Cr., 280.26 

Balance,    .   .  $3614.37 


If  these  two  balances  agree,  the  learner  maj'  now  pro- 


69 


\BR 


BOOKKEEPING, 


ceed  to  close  the  Balance  account  into  the  Stock  ac- 
count, and,  finally,  to  close  the  Stock  account  as  he  would 
any  other  personal  account;  and  the  balance  will  be  the 
net  capital,  or  the  net  insolvency,  as  the  case  may  be. 

REVIEW. 

The  Stock  account  [Ledger,  page  1]  shows  that  the 
whole  amount  invested  on  the  1st  of  September  was 
$3721,  and  that  I  owed  at  the  stime  time  $291.  The 
net  capital  therefore  was $3430.00 

From  the  Profit  &  Loss  account  I  find 

that  1  have  gained  on  the  Mdse., .      $342.12 
And  lost  on  sundry  accounts,      .     .        110.19 

Net  Gains  of  the  business,  .     .      $231.93 
From    which    subtract    the    amount 

spent  on  private  account,  .     .     .  47. 5G 

Increase  of  property, 184.37      $184.37 

Present  Not  Capital, $3614.37 


As  this  sum  agrees  with  the  balance  of  the  Stock 
account,  which  is  also  intended  to  represent  the  net 
capital,  we  conclude  that  it  is  right. 

SECOND     PROOF. 

Another  proof  may  be  found  in  the  Balance  account, 
on  which  the  assets  are  $3900.63,  and  the  debts 
$286.26.  The  difiference,  which  must  be  the  net  capital, 
is  again  $3614.37. 

THIRD    PROOF. 

The  present  net  capital,  as  shown  both  by  the  Stock 
account  and  the  Balance  account,  is  $3614.37 
From  which  subtract  the  net  capital 

at  commencement, 3430.00 

•     Increase  of  property,  ....    $184.37 
To  which  add  the  amount  spent  on 

Private  account, 47.56 


Net  gain  in  the  business, 


$231.93 


70 


DOUBLE     ENTRY. 

FIRST     SET. 


LEDaEH. 


71 


BOOKKEEPING 


INDEX 


A. 
B. 


Bills  Receivable, 
"    Payable,       , 
Balance  Sheet,     . 


Carlton,  James, 
Cash,      .     .     . 


D. 
E. 
F. 
G. 
H. 


Harlow  &  Co.,      .     .     . 
Hammond,  Dr.  George, 


I. 


Interest, 


J. 
K. 

L. 

M. 


Merchandise, 


Page. 


Profit  &  Loss, .     . 
Private  Account, 
Palmer,  Orlando, . 
Preston  &  Evans, 


Rand,  Henry, 


Stock,  .  .  . 
Store  Expense, 
Smith,  Charles, 
Shipman,  Samuel 


N. 
0. 
P. 


Q. 

R. 


T. 
U. 
V. 
W. 
X. 
Y. 
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n! 


BOOKKEEPING. 

QUESTIONS      ON     THE     FIRST     SET,    DOUBLE    ENTRY. 

What  is  the  peculiarity  of  Double  Entry? 

For  what  credited  ?     IIow  closed  ? 

What  is  one  advantage  of  this  method? 

IIow  may   we  know  whether  there  is  a  gain  or  a  loss  on 

these 

IIow  can  errors  be  detected?     How  corrected? 

accounts? 

What  is  another  advantage? 

For  what  is  the  Expense  account  kept  ? 

What  accounts  are  kept  in  Double  Entry? 

Is  there  generally  any  gain  on  this  account? 

What  arc  Personal  accounts? 

What  is  said  of  Insurance,  Commission,  and  Guarantj? 

What  are  Property  accounts? 

What  books  are  used  in  this  set  ? 

What  are  Speculating  Property  accounts? 

What  is  said  of  the  Waste-Book? 

What  are  Representative  accounts? 

What  does  it  contain?     What  particulars  are  stated? 

Give  examples  of  each. 

What  is  the  Journal  ? 

■What  is  tlie  Stock  account  ? 

In  what  does  journalizing  consist? 

Is  it  generally  kept  in  partnerships? 

Which  is  written  first,  the  Dr.  or  Cr.? 

For  wliat  is  each  partner  debited  and  credited? 

Is  the  Journal  absolutely  necessary? 

What  IS  the  difference  called? 

Why  should  journalizing  bo  understood  ? 

For  what  is  the  Merchandise  account  kept  ? 

For  what  is  it  useful  ? 

For  what  is  it  debited?     Credited? 

Repeat  the  four  rules  for  journalizing. 

What  will  the  difference  be? 

Give  illustrations  under  each. 

^^at  is  said  of  other  Speculating  Property  accounts  ? 

The  teacher  may  read  the  examples,  and  require  the  pupils  to  give  the  Journal  entries.      1 

What  is  meant  by  "  Bills  Pieceivable  "  ? 

Why  ars  the  Journals  introduced  into  this  book? 

For  what  is  this  account  debited  ? 

How  are  the  entries  made  in  the  first  Journal  ? 

For  what  credited  ? 

AVhat  caution  is  given  here  ? 

Which  side  of  this  account  will  be  the  largest,  if  either? 

IIow  docs  the  second  Journal  differ  from  the  first? 

AVhat  will  the  balance  be? 

What  is  said  of  this  method? 

1 

What  are  "  Bills  Payable"? 

What  of  the  third  Journal  ?     For  what  is  it  best  adapted? 

When  is  this  account  credited  ? 

From  which  of  the  Journals  is  the  learner  advised  to  post? 

For  what  is  it  debited? 

What  is  said  of  posting  by  Double  Entry  ? 

■ 

What  must  the  balance  be? 

IIow  may  the  process  of  posting  bo  shortened  ? 

Why  is  not  the  Cash  account  kept  in  the  Ledger  ? 

IIow  is  the  first  entry  in  the  Journal  posted?     The  second? 

What  is  said  of  a  Monthly  Cash  account? 

Which  should  be  posted  first,  the  debits  or  the  credits? 

What  is  said  of  the  Bank  account? 

What  is  .said  of  the  words  "  To  "  and  "  By  "  ?     "  Sundries 

'? 

In  what  book  is  this  account  kept  ? 

Give  the  rule  for  posting. 

Why  are  Interest  and  Discount  classed    together? 

What  method  is  adopted  to  save  labor  and  space  ? 

For  wliat  are  they  debited  ? 

When  the  posting  is  done,  what  is  the  ne.\t  step? 

i^- ■ 

85 

BOOKKEEPING. 


What  should  bo  done  after  "  checking  up  the  books"  ? 

"What  is  tlie  Trial  Balance  ?     IIow  is  it  made  ? 

Is  it  a  certain  proof  of  the  correctness  of  the  Ledger  ?     Why  not  ? 

What  is  said  of  errors  in  the  original  entries  ? 

Wliat  accounts  may  be  omitted  in  the  Trial  Balance? 

What  otlier  purpose  does  the  Trial  Balance  serve? 

iiow  often  should  it  he  taken? 

When  should  an  Inventory  be  taken  ? 

Wiiat  should  it  contain  ?     How  ascertained? 

What  is  said  of  the  prices  ? 

Are  the  items  of  the  Inventory  given  in  this  set  ? 

Wliat  is  the  first  thing  preparatory  to  closing  the  Ledger? 

What  is  afterwards  done  with  this  lialanco? 

Are  all  kinds  of  speculating  property  treated  in  the  same  manner  ? 

IIow  shall  I  proceed  to  close  the  Ledger  ? 

-  .)W  may  I  decide  whether  any  account  shows  a  gain  or  a  loss? 

Give  an  illustration. 

IIow  is  the  first  Flour  account  dosed? 

The  second?     Third?     Fourth? 

IIow  are  the  Interest  and  E.xpense  accounts  closed  ?     Why  ? 

The  Private  Account?     Why  not  into  Profit  &  Loss? 

In  what  other  way  may  this  account  he  kept  ? 

How  is  the  Bills  Receivable  account  closed? 

The  Bills  Payable  account? 

The  Personal  accounts? 

The  Cash  account  ? 


When  all  these  accounts  have  been  closed,  what  is  next  to  bo  done  ? 

What  is  the  use  of  the  first  Trial  Balance? 

AVhat  of  the  second  ? 

Of  what  does  it  consist? 

What  does  the  Stock  account  show?     The  Balance  account? 

Can  there  be  more  than  one  net  capital  at  the  same  time? 

What,  then,  is  the  conclusion? 

What  is  the  final  closure  ? 

What  was  my  net  capital  on  the  first  of  September  ? 

What  is  the  value  of  the  Mdse.  on  hand  at  closing? 

IIow  much  has  been  gained  on  this  account  ? 

IIow  much  lost  on  Interest  and  Store  E-xpcnscs  ? 

IIow  much  have  I  spent  on  Private  account  ? 

AYhat  is  the  amount  due  me  on  Notes  ? 

How  much  do  I  owe  on  Notes  ? 

On  wliieh  Personal  accounts  are  balances  due  me  ? 

What  is  the  whole  amount  due  me  on  these  accounts? 

IIow  much  do  I  owe  on  accounts  ? 

What  was  the  net  capital  on  the  first  of  September  ? 

AYhat  have  Ijeon  the  net  gains  of  the  business? 

Why  subtract  the  amount  spent  on  Private  account?  * 

How  much  more  am  I  worth  now  than  when  I  began  ? 

AThat  is  my  present  net  capital  ? 

In  what  other  way  can  it  be  proved  ? 

In  tlie  Third  Proof,  how  much  is  the  gain  ? 

With  what  does  this  agree  ? 


86 


BOOKKEEPING. 


SECOND   SET.  — DOUBLE   ENTRY. 

Tlic  following  History  or  record  of  transactions  is  given  to  assist  tlia 
learner  in  applying  the  principles  which  he  has  been  studying  in  the 
preceding  pages.  The  various  papers,  Notes,  Receipts,  &c.,  should  be 
written  in  the  proper  form,  signed,  endorsed,  fbldeil  and  filed,  as  they  would 
be  if  tlie  transactions  were  real,  instead  of  imagiuary.  A  regular  set  of 
books  may  be  written  out,  based  on  this  history. 


New  York,  October  1,  18.58. 

I  commence  business  this  clay  with  the  following- 
assets,  viz.: 

Cash,  $500 ;  Merchandise,  per  Inventory,  $4875  ;  a 
Note  for  $500,  signed  by  William  Everett,  dated  9th 
JIa){j  1858,  payable  in  three  months;  another  for  $-450, 
signed  by  John  M.  Williams,  dated  23d  Aiig.,  1858,  paj'- 
able  @  90  days,  ivithout  grace  ;  another  for  $'200,  signed 
by  E.  F.  Young,  endorsed  by  William  Rogers,  dated 
January  1,  1856,  on  demand,  and  interest ;  another  for 
$88.23,  signed  by  J.  C.  French,  dated  January  25, 1858, 
@  60  days ;  and  another  for  $61.77,  signed  by  H.  A. 
Cook,  and  dated  .July  1,  1858,  (g,  6  months. 

Charles  Sumner  owes  me,  on  account,  $125.83  ;  James 
Connor,  $02.45 ;  Henry  Rolland,  $62  ;  Oliver  Parsons, 
$■13.95  ;   Isaac  Hartwell,  $35. 

1  owe  on  Notes  as  follows :  One  to  S.  L.  Draper,  for 
$300,  dated  April  1,  1857,  payable  in  6  months;  another 
to  W.  H.  Mills,  for  $165.75",  dated  July  23,  1858,  on 
3  months;  and  another  to  R.  E.  Patterson,  ibr  $135,  @ 
60  days,  dated  Sept.  13,  1858. 

I  also  OAve  Porter  &  Emmons,  on  account,  $240 ; 
Howland  &  Co.,  $162;  and  J.  &  S.  Rich,  $85.42. 


Sold  James  Connor,  on  account,  1  bbl.  Flour,  CG-'^5 ; 
50  lbs.  white  Sugar,  (jj)  10^  cts. ;  15  gallons  Sperm 
Oil,  ((I)  $1.37^-;  and  1  cpiintal  of  Fish,  $3.75. 

2 

Bought  of  Crosby,  Nichols  &  Co.,  Account- Books 
and  btationery,  amounting,  per  bill,  to  $26. 

(See  Expl.ination,  page  93.) 


Bought  of  Howland  &  Co.,  for  Cash,  2  Hhds.  N.  0. 
Molasses,  231  gallons,  @  30  cts. 

(BiU.) 

4' 

Paid  J.  &  S.  Rich  Cash  in  full  of  their  account. 

(Take  a  Receipt.) 
5 


Received  of  Henry  Rolland,  on  account,  $40. 
(Give  a  Receipt. ) 

6  


Bought  of  Porter  &  Emmons,  on  my  Note  @  4  mos.,  a 
bill  of  Mdse.  amounting  to  $327.33. 

(Write  and  Sign  a  Note  in  such  a  form  tliat  they  may  get  it  discounted 
at  a  Bank.) 


Sold  Geo.  Harper,  for  Cash,  a  bbl.  of  Flour,  $6.87+; 
50  lbs.  crushed  Sugar,  (T,  lOf  cts. :  a  bbl.  of  brown 
Havana  Sugar,  239  lbs.  (19  out),  %  li  cts. 


8" 


BOOKKEEPING. 


Bartered  with  James  Connor  as  follows : 

Received   of  him  8  cords    hard  Wood,  O   $6,  and  25 

bushels   Potatoes,  @   75   cts. ;    all  for  my  house. 

Gave  in  exchange  2  bbls.  Flour,  @  $7 ;  and  a  chest 

of  Tea,  10  lbs.    net,   @   42  cts.     The   balance   on 

account. 

9    

Bought  of  "Warren  Lewis,  for  Cash,  4  boxes  Havana 

Sugar,  gross  weights  575,  567,  583,  561   (tare  15 

jjer  cent.),  (oj  6J  cts. 

(BUI.) 


The  Retail  Sales,  for  Cash,  to  this  date,  $321.12. 
11 


Sold  Oliver  Parsons,  on  account,  10  lbs.  ground  Coffee, 
@  15  cts. ;  25  lbs.  Havana  Sugar,  @  8  cts. ;  10  lbs. 
refined  Sugar,  (<(>  11  cts. 

12  

Sent  to  my  own  house  goods  amounting  to  $54. 

13  


Paid  my  Note  to  S.  L.  Draper,  dated  April  1,  1857,  with 
7  per  cent,  interest. 

14  

Received  o<f  Oliver  Parsons   $20,   in  part  payment  of 

his  account. 

15  

Paid  Howland  &  Cu.  $100,  on  account. 
88 


16 
J.  C.  French  paid  his   Note  to-d;iy  (interest   (O!   7  per 
cent.) 


Retail  Cash  Sales  for  the  week,  $197.02. 

18  


Bought  of  J.  &  S.  Rich  20  bbls.  Flour,  @  $6.37} ;  48 

ei<jJith  bags  of  Flour,  %  80  cts. 
Paid  one  half  Cash,  and  the   balance  by  a  Note,  @  30 

days,  with  interest  added. 

(Write  a  Note  for  such  a  sum  as  will  include  the  balance  of  the  bill,  with 
interest  on  the  same  for  33  days. ) 

19 

Received  of  Charles   Sumner  a  Note  for  $100,  signed 

by  A.  B.  Cushman,  due  Jan.  8—11,  1859,  for 
which  I  allow  him  the  present  value  ;  discount  @ 
7  per  cent. 

(Write  the  Note,   with  Cushman's   signature,  and  Sumner's  endorse- 
ment.) 

20 

William  Everett  has  paid  his   Note,  —  interest  @  7  per 

cent. 

21  

Sold    Isaac  FTartwell  2  blils.  Flour.  ^  $6.75  and  $7.25  ; 

a  quintal  of  Fish,  $4.25 ;  and  20  gals.  Molasses,  @ 
35  cts.  Took  his  Note,  (5  2  montlis,  to  balance 
his  account. 

(Write  a  Note  like  the  "  Form  for  Mass  "  for  the  whole  amount  he  now 
owes  me.) 


BOOKKEEPING. 


22 
Settled  with  James  Connor;   balance  of  tho  account 
paid  in  Cash. 

• • 23  

I  have  effected  insurance  on  the  goods  in  the  store  to 
the  amount  of  $3000,  @  f  per  cent.  Pohcy,  $1.25, 
for  which  paid  Cash, 


Paid,  in  Cash,  the  balance  of  my  account  with  Porter  & 
Emmons. 


Retail  sales  for  the  week,  $218.34. 
25  


Paid  Howland  <fe  Co.  $25,  on  account. 
26  


Paid  my  Note  to  W.  H.  Mills,  due  to-day. 


Bought  of  George  Harper  10  bbls.  Apples,  @  $2.75,  and 
paid  Cash. 


Howland  &  Co  have  allowed  me  $3. GO  for  damage  on 
goods  bought  of  them. 

27  ■ — — — 


Received  of  Oliver  Parsons  $15,  on  account. 
Sold  him  a  bbl.  Flour,  $6.88. 


27 
Bought  of  Howland  &  Co.,  at  Cash  price,  a  bill  of 
goods,  amounting  to  $78.29,  for  which  gave  my 
Note,  @  60  days,  with  bank  discount. 

(Make  a  Note  in  the  proper  form,  and  for  such  an  amount  that,  if  dis- 
counted hy  a  Bank  to-day,  the  proceeds  will  be  just  equal  to  the  above 
bill). 

28  

John  M.  Williams  paid  his  Note  to-day  ;  discount  @  7 

per  cent. 

29  

Paid  my  Note  to  R.  E.  Patterson ;  discount  at  the  rate 

of  10  per  cent,  per  annum. 
.    « 

Exchanged  Notes  with  E   S.  Stearns,  for  his  accommo- 
.     dation,  each  drawn  for  $200,  @  30  days. 


H.  A.  Cook  has  paid  his  Note,  dated  July  1,   1858. 

Allowed  him  8  per  cent.  discounL 

30 

Paid  an  order  drawn  by  Crosby,  Nichols  &  Co.,  in  favor 

of  Francis  Gardner,  for  goods  to  the  amount  of  $26. 


Paid  my  Clerk  $40,  in  full,  for  his  month's  wages. 


Retail  Cash  Sales  for  the  week,  $170.19. 


Paid  for  Painting  in  the  Store,  $15. 


89 


BOOKKEEPING. 


November  1,  1858. 

Sold  Charles  Sumner,  on  account,  1  bbl.  Extra  Flour, 
$7.25  ;  1  Chest  Black  Tea,  2G  lbs.,  ®  40  cts. ;  1 
Cheese,  28i  lbs.,  ,w  10  cts. ;  1  Tub  of  Butter,  46| 
lbs.,  (d)  24  cts. ;  100  lbs.  Cr.  Sugar,  ®  11  cts. 

. o   

Sold  Henry  Rolland,  on  Jas.  Connor's  Order,  50  lbs.  B. 
H.  Sugar,  ®  8  cts. ;  25  lbs.  White  Sugar,  (a)  11  cts. ; 
20  lbs.  Salt  Fish,  rS  6  cts. 


llec'd  of  Oliver  Parsons  $10.  on  account. 
3    


Sold  II.  C.  Fisk,  on  account,  1  bbl.  Extra  Flour,  $7.12  ; 
IG  giils.  N.  0.  Molasses,  ©  48  cts.  ;  G  lbs.  Y.  H. 
Tea,  ®  75  cts. 


Paid  for  Wood  and  Coal  for  Store,  per  bill,  $30.50. 
4    


Paid  the  balance  of  my  account  with  Ilowland  &  Co. 
; 5    


Bought  of  Brown  &  Carroll,  at  Cash  price,  2  lihds.  N. 
0.  Molasses,  240  gals.,  (w  38  cts.;  1  hhd.  Trinidad 
Molasses,  108  gals.,  rS'  23  cts. ;  4  Casks  Raisins, 
(Tii  $4.83;  1  Tierce  Rice,  GOO  lbs.,  ®  4  cts.;  1  bbl. 
Cloves,  112  ll)s.,  ,a^  30  cts.;  1  bhl.  Sago,  188  lbs., 
(a)  5  cts.;  4  bills.  Muscovado  Sugar,  1140  lbs., 
(a)  6g  cts. ;  G  Bags  Rio  Coifee,  740  lbs.,  ra  9  cts. 


For  one  half  of  the  above  Bill,  paid  Cash  ;  for  the  other 
half,  gave  my  Note  rS  30  days,  with  interest  added, 
to  make  it  as  good  as  Cash. 

6  — '- 


Sold  Samuel  Rogers,  on  account,  1  bbl.  N.  0.  Molasses, 
30  gals.,  (a)  48  cts.;  1  Cask  of  Raisins,  $5.12;  2 
bills.  Muse.  Sugar,  438  lbs.,  (^  8  cts. 


Cash  Sales  this  week,  $283.27. 
8  _ 


Sold  J.  W.  Payson,  on  account,  1  Bag  Cotfeo,  124  lbs., 
(a)  11  cts.;  1  bill.  Flour,  $7.25;  100  lbs.  Muscovado 
Sugar,  (a,  8  cts.;  10  lbs.  Black  Tea,  (a.  45  cts.;  20 
lbs.  Gr.  Coffee,  rS)  16  cts. 


Sold  James  Connor,  on  account,  1  Mil.  N.  0.  Molasses, 
32  gals.,  (To  48  cts. ;  25  lbs.  Java  Coffee,  (S)  12^  cts.; 
1  Cask  Raisins,  $5.12  ;  50  lbs.  Rice,  rS  5  cts.;  10 
lbs.  Sago,  (a)  8  cts. 

9 

Received  of  11.  C.  Fisk,  $15,  on  account. 


Sold  Henry  Rolland,  1  bbl.  Flour,  S7.00  ;  12  gals.  Mo- 
lasses, fa)  33^  cts. :  G  lbs.  Sago,  (a)  8  cts. ;  2  lbs. 
Starch,  rS  12^  cts. 


90 


BOOKKEEPING. 


10 

Sold  Isaac  Hartwell,  10  lbs.  Gr.  Coffee,  ®  16  cts. ;  5  lbs. 
Black  Tea,  ®  4G  cts. ;  1  bbl.  B.  Sugar,  214  lbs., 
^1  8^  cts.  ;  10  lbs.  Cask  Raisins,  (a)  9  cts. ;  6  lbs. 
Cheese,  rS  10  cts. 

Received    in  part  payment,  $12,  Cash. 

11  

Porter  &  Emmons,  being  in  want  of  money,  offered  to 
discount  ni}'  Note  of  Oct.  6,  at  the  rate  of  10  per 
cent,  per  annum.     I  have  therefore  paid  it  to-day. 

12  

Sold  Wm.  T.  Tliacher,  on  account,  2  bbls.  Extra  Flour, 
(R  $7.25  ;  100  llis.  W.  Sugar,  (S,  10|  cts.;  1  bbl.  B. 
H.  Sugar,  219  lbs.,  ®  8^  cts. 

Received  from  him  A.  P.  Blake's  Note,  for  $50,  due 

Nov.  15th  and  18th.     Allowed  him  the  face  of  it. 
13  


Sold  Oliver  Parsons,  on  account,  5  lbs.  Black  Tea,  ®  40 
cts.;  12  lbs.  C.  Raisins,  ®  9  cts.;  1  bbl.  Molasses, 
30  gals.,  «  31  cts. ;  40  lbs.  Rice,  ®  5^  cts. ;  2  gals. 
W.  Oil,  (a  70  cts.;  18  lbs.  Fish,  «)  5  cts. 


Sold  J.  R.  Story,  Hyde  Park,  1  Box  Soap,  71  lbs.,  «)  6i 
cts. ;  1  Cask  Raisins,  $5.25  ;  1  Box  Raisins,  $1.85'; 
1  Box  Starch,  25  lbs.,  ®  10  cts.;  18  gals.  Sperm 
Oil,  la.  $1.40  ;  1  Bag  Coffee,  114  lbs.,  ©  13  cts. 

Received  in  part  payment,  $35. 


13 

Cash  Sales  this  week,  $347.63. 
15- 


Sold  W.  T.  Thacher,  on  account,  1  bbl.  N.  0.  Molasses, 
31  gals.,  (a)  46  cts.;  1  Bag  Rio  Coffee,  115  lbs., 
(a:-  11  cts. ;  1  Chest  Black  Tea,  47  lbs.,  ©  38  cts. ;  1 
Quintal  Fish,  $4.25  ;  2  Boxes  Raisins,  a  $1.72  ;  1 
Tub  Butter,  63^  lbs.,  (3)  23  cts. 


Bought  for  Cash  Goods,  amounting  to  1G2.25. 
16  ■ 


Sold  Wm.  A.  Gary,  on   his  Note  at  60  days,  u  bill  of 
goods,  amounting  to  $123.45. 


Received  of  Samuel  Rogers,  $25,  on  account. 

Sold  him,  1  bbl.  W.  Sugar,  220  lbs.,  ©  10  cts.;  2  Boxes 

Raisins,  ®  $1.75  ;   1    Box  Soap,  73  lbs.,  fa  6i  cts. ; 

50  lbs.  Rice,  rS,  6  cts. ;  50  lbs.  Saleratus,  eg  6  cts. ; 

2  bbls.  Flour,  (&  $6,874  ;  *  1^'-  N"tmegs,  75  cts. 

17 

Received  of  Charles  Sumner,  $35,  on  account. 


Sold   H.  C.  Fisk,  on  account,   50  lbs.  W.  Sugar,  ©  lOi 

cts.;   1  Box  Raisins,  $1.75  ;   12  llis.  Rice,  ©  6  cts. 
18  


Loaned  S.  A.  Bradbury  $1000  on  his  Note,  payable  in 
2  mos.,  witli  interest. 


/ 


BOOKKEEPING. 


19 
Sold  James  Connor,   on   account,  1   Box   Poap,  70  Uis., 
(S)    6^    cts. ;    2    Boxes    Raisins,   (5    $1.G5  ;    1    Box 
Starcli,  2G  lbs.,  (&  10  cts. ;  12  lbs.  Sago,  w  8  cts. 

20  

Received  of  Oliver  Parsons,  $10,  on  account. 


Cash  Sales  this  week,  $391.76. 

22  ^^ ' 

Sold  J.  W.  Payson,  on  account,  1  Box  Soap,  G9|  lbs., 
(a)  C  cts. ;  10  gals.  Molasses,  ©  48  cts. ;  25  lbs.  W. 
Sugar,  la)  10^  cts.;   1  Box  Starch,  25  lbs.,  ®  10  cts. 

23 , 

Bought  of  James  Connor,  on  account,  4  Tubs  of  Butter, 
238  lbs.,  net,  (S)  20  cts. 

24  


■  27 
Sold  W.  T.  Tliacher,  on  account,  18  lbs.  Cheese,  (S)  12 
cts.;   10  gals.   Sperm  Oil,  ,„    $1.42;   2   gals.  Fluid, 
(w  G4  cts. ;  G  lbs.  Saleratus,  («  G  cts. 


Henry  Rolland  has  paid  $20,  on  his  account. 


Sold  Isaac  Hartvvell,  1  Tub  Butter,  56  lbs.,  ©  23  cts. 

25 


J.  W.  Paj'son  has  paid  me  $30,  on  account. 
26 


Sold  J.  R.  Story,  1  Tub  of  Butter,  65i  lbs.,  ®  24  cts.; 
1  bbl.  Flour,  $7.25  ;  12  gals.  Molasses,  ®  50  cts. 


Samuel  Rogers  pays  me  $40,  on  his  account. 


Cash  Sales  this  week,  $417.98. 
_29  . 


Bought  of  Hiram  Carpenter,  a  House  at  Fairmount,  for 

my  own  use,  for  $2500.00. 
Gave  in  payment, 

S.  A.  Bradbury's  Note  of  the  18th  inst.,  $1000. 

My  Note  at  3  mos.,  500. 

Cash  for  the  balance,  1000. 

(Carpenter  agrees  to  take  both  Notes  at  their  face.) 


Sold  H.  C.  Fisk,  on  acct.,  1  bbl.  Sugar,  215  lbs.,  ®  8  cts.; 
10  lbs.  Gr.  Coffee,  (S)  16  cts. ;  \  lb.  Nutmegs,  75  cts. 


Wm.  T.  Thacher  has  paid  the  balance  of  his  acct. 
30 


The   Merchant's   Bank   has   discounted  Wm.  A.  Gary's 
Note  to-day,  and  paid  me  the  proceeds. 


Charles  Sumner  has  paid  me  the  balance  of  his  account. 
Paid  the  Clerk's  wages,  $40. 


Merchandise  now  in  Store,  $3698.58, 


92 


li  U  O  K  K  K  E  P  I  N  G  . 


EXPLANATIONS   OF  THE   FOREGOING  HISTORY. 


The  assets  and  liabilities  here  enumerated  should  bo 
entered  in  the  several  books  where  they  belong,  such 
as  the  Inventory-Book,  Bill-Book,  and  also  in  the  Day- 
Book,  or  Journal,  and  Cash-Book,  in  a  style  similar  to 
that  in  the  preceding  set  of  books. 

Oct.  2.  The  items  of  this  purchase  are  omitted,  to 
save  space,  and  also  because  the  Bill  itself,  which  the 
purchaser  receives,  is,  to  him,  sufficient  evidence  of  the 
transaction.  But  the  seller  should  enter,  on  his  books, 
a  full  statement  of  the  items,  witii  their  qualities,  prices, 
(fee,  so  that  in  case  the  Bill,  which  has  been  rendered 
should  be  lost,  a  new  one  could  be  made.  When  the 
items  are  specified  in  the  Sales-Book,  it  is  only  neces- 
sary to  enter  the  amount  in  the  Day-Book  or  Journal. 

Oct.  6.  —  For  the  proper  form  of  the  Note,  see  page 
94,  and  also  remarks  on  page  98.  Banks  do  not  gener- 
ally receive  Notes  which  bear  interest,  because  in  that 
form  they  do  not  appear  to  be  "  regular  business  paper," 
and  because  there  is  more  trouble  in  computing  the  dis- 
count and  keeping  tlie  accounts. 

Oct.  9.  —  Fifteen  per  cent,  of  the  gross  weight  is  the 
legal  allowanee  for  the  weight  of  the  box  itself;  but 
when  the  box  is  large,  and  the  boards  of  which  it  is 
composed  are  thin,  the  actual  weight  of  the  box  is  often 
less  than  fifteen  per  cent,  of  the  gross  weight.  Hence 
retailers  are  sometimes  able  to  make  a  profit  by  selling 
sugar  at  the  same  price  per  pound  as  they  gave  for  it. 


Oct.  13  —This  Note  was  due  Oct.  1st  and  4th,  1857  ; 
but  as  the  holder  did  not  present  it  for  payment  till 
Oct.  13th,  1858,  he  is  entitled  to  interest  on  it  for  1  year 
and  9  days. 

Oct.  IG.  —  As  I  have  allowed  French's  Note  to  remain 
unpaid  beyond  the  specil.ed  time,  he  should  pay  inter- 
est on  it  from  the  expiration  of  the  sixty  days,  and  grace, 
to  this  date  (6  months  17  days). 

Oct.  18.  —  Were  the  sum  of  money  much  larger,  or 
the  time  longer,  a  more  accurate  method  would  be  de- 
sirable. To  find  the  amount  for  which  a  Note  should 
be  given,  that,  if  discounted  at  a  Bank,  would  yield  just 
the  sum  now  due,  divide  the  sum  now  due  hy  the  present 
ivorth  of  $1,  for  the  given  time  and  rede.  In  this  case 
the  Divisor  "should  be  $1  —  .0064  (nearly)  =  .9936. 
82.95  -7-  .9936  =  83.48  =  the  sum  for  which  the  Note 
slionld  be  given.  $83.48  —  the  discount,  .54,  =  82.95, 
nearly.     The  slight  error  arises  from  the  decimals. 

Oct.  2Z. — Fire  Insurance  Companies  will  insure  for 
only  about  J  the  estimated  value  of  the  property.  But 
Marine  Insurance  Companies  will  not  only  insure  ves- 
sels and  their  cargoes  for  their  full  value,  but  often  for 
10  per  cent,  more  than  their  value,  so  as  to  cover  not 
only  the  value  of  the  property  insured,  Initalso  the  cost 
of  the  insurance. 

For,  if  I  get  insurance  on  a  cargo  valued  at  $10,000, 
paying  $500  for  the  premium,  and  the  goods  should  be 


»a 


BOOKKEEPING. 


lost,  the  Insurance  Company  would  pay  me  10,000, 
and  I  should  lose  the  $500. 

To  find  the  amount  for  which  a  policy  should  be 
taken  to  cover  the  whole,  divide  the  value  of  the  prop- 
erty by  1  minus  the  rate. 

The  difference  in  the  terras  of  Fire  and  Marine  In- 
surance  may  be  explained,  in  part,  by  the  remark  that 
the  former  is  more  liable  to  fraud  than  the  latter. 
Neither  the  owners,  officers,  nor  crew,  will  often  destroy 
a  vessel  while  they  themselves  are  on  board  of  it. 

Od.  27.  —  See  remark  on  the  18.  Bank  Discount  is 
the  same  as  interest  for  the  specified  time  and  the  days 
of  grace.  If,  however,  a  part  of  the  specified  time  has 
expired,  the  discount  will  be  reckoned  only  on  the  re- 
mainder, with  the  days  of  grace. 

Oct.  29.  —  Having  the  money  to  spare,  the  offer  of 
10  per  cent,  discount  induces  me  to  pay  the  Note  be- 
fore it  is  due.  The  discount  on  this  Note,  at  10  per 
cent,  per  annum,  is  $.64  nearly. 

Oct.  29.  —  Stearns'  object  is  to  raise  money  by  get> 
ting  my  Note  discounted.  I  may  do  the  same  with  his, 
or  I  may  hold  it  merely  for  security. 

Nov.  29.  —  The  interest  on  Bradbury's  Note,  and  the 
discount  on  mine,  are  of  little  consequence  compared 
with  the  value  of  the  house. 

Nov.  30.  —  The  discount  is  reckoned  like  interest,  for 
the  time  between  this  date  and  the  last  day  of  grace,  at 
7  per  cent. 


REVIEW. 

From  an  examination  of  my  Books  it  appears  that  my 
present  assets,  counting  all  the  debts  good,  are. 

Cash,  per  C.  B.,  $388.41 

Merchandise,  per  Inventory,       3698.58 
Bills  Receivable,  per  B.  B.,  610.25 

House  at  Fairmount,  2500.00 

Oliver  Parsons  owes  me  on  act.,    17.31 


Henry  Rollaud,  "      "     " 

13.73 

H.  C.  Fisk,          "      "     " 

31.57 

Saml.  Rogers,      "      "     " 

40.31 

J.  W.  Payson,      "      "     " 

20.G9 

Isaac  Hartwell,    "      "     " 

24.47 

J.  R.  Story,         "      "     " 

"          48.21 

$7393.53 

owe  as  follows : 

Bills  Payable,  per  B.  B., 

$1035.56 

James  Connor,  on  act.. 

1.33 

$1086.89 

Net  Capital,  now. 

$6356.64 

Net  Capital  Oct.  1, 

5946.06 

Increase  of  property,  in  2  months, 


The  Profit  &  Loss  act.  shows  total  gains, 
The     "       "      "      "         "         "      losses. 

Net  gain  of  the  business, 

Deduct  amount  spent  on  private  act., 

Increase  of  property,  as  above, 


$410.58 


710.82 
179.49 

$581.33 
120.75 

$410.58 


S4 


DOUBLE    ENTRY. 

THIRD    SET. 
^V\^E[OLES^VLE    BOOT    ^ND    SHOE    BUSI:N"ESS. 

A    PARTNERSHIP. 
EDMANDS    &    rUTNAM. 


95 


BOOKKEEPING. 


DOUBLE    ENTRY.  — THIRD    SET. 

Having  in  the  three  preceding  sets  of  books  shown, 
by  example,  the  style  of  penmanship  and  arrangement 
suitable  for  keejoing  books  in  a  small  or  retail  business, 
the  remainder  of  the  book  is  printed  in  common  type, 
and  represents  various  kinds  of  wholesale  business. 

This  set  of  books  represents  a  Wholesale  Boot  and 
Shoe  business ;  a  partnership  conducted  by  two  eqiial 
partners,  investing  nearly  equal  sums,  and  the  losses 
or  gains  to  be  divided  equally. 

BOOKS. 
Besides  the   books   used   in   the  preceding  sets,  the 
"  Day-Book  and  Journal  combined,"  the  Invoice-Book, 
and  the  SALES-Book,  are  here  introduced  as    separate 
books  of  original  entry. 

THE      DA  Y-B  0  0  K. 

This  book,  as  used  in  this  set,  partakes  of  the  nature 
of  lioth  the  Day-Book  and  the  Journal,  the  peculiarities 
of  the  two  being  united  in  one. 

The  entries  are  first  made  in  journal  foiiu,  and  are 
then  followed  by  sucli  particulars  and  specifications  as 
are  usually  put  in  the  Day-Book,  when  both  books  are 
kept  separately.  The  entries  made  in  this  book  are  such 
as  do  not  properly  belong  in  either  of  the  other  books. 
Notes  given  or  received,  allowances  for  interest,  dis- 
count, damages,  deficiencies,  A'c,  are  entered  here,  and 
afterwards  posted  directly  to  the  Ledger. 


LwoicE-BoOK.  —  In  this  book  is  entered  all  the  iler- 
chandise  bought ;  and  that  which  is  in  the  possession 
of  the  partners  at  the  commencement  of  the  business 
is  regarded  as  if  bought  by  the  firm,  and  is  entered  in 
the  Invoice-Book  accordingly. 

The  entries  in  tliis  book  may  be  posted  directly  to 
the  Ledger,  or  they  may  be  journalized,  and  then  posted 
from  the  Journal.  The  whole  amount  of  Jlerchandise 
which  has  been  bought  will  be  posted  in  one  item,  as  it 
is  found  added  at  the  end  of  the  month.  This,  indeed, 
is  one  of  the  principal  reasons  for  the  use  of  the 
Invoice-Book  and  Sales-Book,  as  sejiarate  from  the  Day- 
Book;  for  the  Merchandise  bought,  as  well  as  that 
which  is  sold,  is  kept  distinct  from  all  other  entries,  and 
the  whole  amount  of  cither  is  thus  (.'asily  fiund. 

Tlio  several  persons  of  whom  the  goods  have  been 
bought  must  be  credited  separately,  of  course,  what- 
ever method  of  bookkeeping  may  be  ein])l(iyed;  but  if 
several  purchases  have  been  made  from  the  same  per- 
son during  the  montji,  these  may  be  condensed  into  one 
entry  in  the  J(.>urnal,  or  they  may  be  posted  directly 
into  the  Ledger  in  one  sum,  as  the  liuokkeeper  may 
choose. 

The  Sales-Book  is  that  iu  which  all  the  sales  arc 
recorded,  whether  on  credit  or  for  cash:  and  it  will  be 
journalized  or  posted  in  the  same  manner  as  the  Invoice- 
Book,  except  that  the  entries  are  reversed  —  the  Mer- 
chandise account  being  credited  for  the  whole  amount, 
and  the  several  parties  to  whom  the  sales  have  been 
made  debited  for  their  respective  amounts. 


as 


B  0  0  K  K  E  E  r  I  N  G  . 


Sales  for  Cash  are  marked  "Paid"  in  the  margio, 
so  as  to  prevent  their  being  posted,  and  the  amounts 
are  not  extended  into  the  outside  cohnnn,  and  conse- 
quently not  added  with  the  other  sales.  Sometimes 
goods  which  have  been  sold  on  credit,  and  entered  ac- 
cordingly in  the  Sales-Book,  are  paid  for  before  the 
entries  are  posted.  In  such  a  case,  if  we  have  not 
already  an  account  Avith  the  person  to  whom  the  sale 
was  made,  it  will  not  be  best  to  open  an  accomit  with 
him ;  but  merely  to  mark  out  the  amount  which  was 
extended,  and  also  mark  the  entry  "  Paid."  The  record 
of  the  payment  \vill  bo  made  in  the  Cash-Book,  or  else- 
where, as  the  case  may  be. 

Some  bookkeepers  omit  the  cash  sales  in  the  Sales- 
Book,  and  enter  them  only  in  the  Cash-Book. 

B  I  L  L-B  0  0  K. 

The  Bill-Book  in  this  set  is  used  merely  for  con- 
venience, although  it  is  sometimes  used  as  the  only 
book  in  which  Notes,  Drafts,  &c.,  are  entered,  before 
being  posted  into  the  Ledger. 

The  form  of  the  Bill-Book  vai-ies  somewhat  to  suit 
different  circumstances.  Some  prefer  to  write  the 
several  dates  at  which  the  different  Notes  become  due 
in  one  column,  promiscuously  ;  others  have  the  book 
so  nded  that  the  several  months  of  the  year  occupy 
separate  columns ;  others  devote  a  whole  page  to  each 
of  the  months.  The  first  form  is  shown  in  tiiis  set,  and 
the  second  will  be  given  in  the  next. 

Both  dates  at  which  a  Note  falls  due,  vi;:.,  that  on 


which  the  specified  time  expires,  and  the  last  day  of 
grace,  are  entered  in  the  Bill-Book,  when  it  is  con- 
venient; but  when  these  two"  days  aro  in  two  difierent 
months,  and  there  is  not  room  enough  for  both,  the  first 
should  bo  given  instead  of  the  last. 

When  Notes  are  given  or  received  they  should  bo 
entered  in  the  Bill-Books  at  once,  so  that  by  examining 
them  the  business  man  may  know  when  the  payments 
are  duo,  and  be  prepared  for  them.  The  Bill-Book  is  so 
simple  in  its  form  and  use  that  no  further  explanation 
of  it  seems  to  bo  necessary. 

DIRECTIONS     FOR     WRITING. 

The  learner  will  first  copy  the  several  books  in  their 
order,  except  the  Bill-Book,  which  should  be  made  from 
the  entries  in  the  Bay-Book.  But,  if  he  wishes  to  save 
time,  he  may  omit  copj'ing  the  invoices  and  sales. 

He  will  then  post  each  of  the  books  separatel}-,  con- 
densing similar  entries  in  each  book,  for  the  whole 
month.  But,  if  it  is  [jreferred,  the  Invoice,  Sales,  and 
Cash  Books  may  be  journalized  at  the  end  of  the  month 
into  the  Day-Book,  which  thus  becomes  a  Journal.  If 
this  latter  method  is  adopted,  the  whole  is  jiosted  from 
the  Day-Book  or  Journal. 

The  Ledcjer  has  been  omitted  in  this  set,  that  the 
learner  may  rely  more  upon  himself;  l)nt  the  Stock  ac- 
counts, the  Profit  tt  Loss  account,  and  the  Trial 
Balance,  which  are  given,  will  servo  as  a  key  to  the 
other  parts  of  the  Ledger. 


97 


BOOKKEEPING, 


The  process  of  journalizing  this  set  is  very  simple. 
Beginning  with  the  Invoice-Book,  the  first  Journal 
entry  would  be  : 

no 


Merchandise  Dr. 


To  Sundries. 
(Goods  purchased  during  the  month.) 
G.  AV.  Edmands,  —  invested,  .  | 
Lemuel  Putnam,  " 

W.  B.  Braman,    ....     1st 
15th 


Chase  &  Keunard 


20th, 

1st, 
14th, 
2'Jth&30th, 


$100  80 
99  00 
75' 00 


300  00 
126  00 
402*00 


$10564141 
10980  64 


274 


828 


80 


00 


Thiis  the  several  names  are  taken  in  the  order  in 
which  they  occur  in  the  Invoice-Book,  and  the  learner 
will  look  through  the  month  for  the  different  purchases 
that  have  been  made  of  the  same  person,  and  condense 
them  together  as  above.  So  proceed  till  all  the  pur- 
chases of  the  month  have  been  transcribed. 

The  first  entry  from  the  Sales-Book  would  be  : 


fiundrics  Dr.  To  J.Ierchandise. 

Wm.  Adams  &  Co 4th, 

Gth, 

2Gth, 

Thomas  Barrows, Cth, 

30th, 

Wm.  Barton  &  Co., 


The  sales  for  cash  will  be  omitted  in  the  journalizing, 
because  they  are  entered  in  the  Cash-Book,  and  will  bo 
taken  with  the  other  cash  items. 


§286 

92 

126 

00 

174 

30 

443 

•52 

180 

00 

To  journalize  the  Cash-Eook,  the  first  entry  from  the 
Dr.  side  will  be: 


Cash  Dr.  To  Sundries. 

(Received  this  mouth.) 
G.  W.  r.dmands,  —  inycsted,  . 
Lemuel  Putnam,  *' 

AVm.  Adams  i  Co 4th, 

Merchandise,     .    .     7th-10th, 
Wm.  Barton  &  Co., 


$2000 

1600 

200 

874 


00 
00 
60 
20 


Then  from  the  Cr.  side  the  first  entry  will  be ; 


Sundries  Dr.  To  Cash. 

(Paid  this  mouth.) 

Expense 4th, 

9th, 

14th, 

Wm.  B.  Braman 5th, 

21st, 

28th, 

John  C.  Redmond  &  Co., 


$124 

00 

75 

Oil 

1 

(10 
80 

200 

100 

99 

00 

75 

00 

274 

180 


Tlie  above  directions  will  be  sufiiciont  to  enable  the 
learner  to  journalize  the  several  books  witliout  difii- 
culty ;  and  if  similar  entries  are  condensed,  as  hereto- 
fore directed,  there  will  bo  less  labor  in  posting,  so  that 
in  some  cases  it  will  require  less  labor  to  journalize  and 
post  by  this  method  than  to  post  from  the  original 
entries,  without  journalizing. 

AGREEMENT. 

In  forming  a  partnership,  it  is  important  that  each 
partner  should  have  a  copy  of  the  Articles  of  A<jree- 
vient,  signed  by  all  of  them. 


03 


DOUBLE   ENTRY. 

TlilllD    SET. 
I  N^  A^  O  I  C  E  -B  O  O  K< 

EDMANDS   &   PUTNAM. 


INVOICE-BOOK 

Boston,  October  1,  1858. 


George  W.  Edmaiuls. 

150  Prs.  Boy.s'  Thick  Brogans, 51 

200     "     Men's  Goat  Nullitiers, G5 

100     "       "       Grained  Pumps, 55 

•250  "     Boys'         "         Brogans,    ......         .65 

GOO     "     Men's  Enamelled  tulips, 50 

1000     "        "        Goat  "  35 

500     "        "  "       Dancing  Bumps, 75 

750     "        "        Grained  Pumps 75 

000     "        "        Thick  Brogans, $1.00 

025     "        "        Kip  "  90 

850     "        "  "  "  80 

475     "     Boys'  Thick  Boots, 1.25 

GOO     "        "  "  "  1.40 

300     "        "        Calf  "  1.60 

240     "        "        Kip  "  1.30 

500     "        "        Thick        "  1.00 

300     "        "       Kip  "  1.80 

700     "        "       Thick        "  1.30 

2500  Gross  Buttons, 20 

6  Cases  Men's  Calf  Boots, 30.00 

10       "  "         "         "  3G.00 

•      34  Sides  Enamelled  Leather,  757  ft., 20 

1  Case  i  Drill,  71 U  yds., 11 

GOO  Prs.  Wo's  Kid  Pegged  Boots, 80 

500     "         "       Calf  Buskins,      ■. 75 

800     "         "       Grained  Boots, 70 


Lemuel  Putnam. 

Mdse.,  as  per  Invoice  [which  we  omit,  to  save  room]. 


Amount  carried  forward, 


$7G 

50 

130 

00 

55 

00 

162 

50 

300 

00 

350 

00 

375 

00 

5G2 

50 

600 

00 

562 

50 

680 

00 

593 

75 

840 

00 

480 

00 

312 

00 

500 

00 

390 

00 

910 

00 

500 

00 

180 

00 

360 

00 

151 

40 

78 

26 

480 

00 

375 

00 

560 

00 

10,564 


10,980 
$21,545 


100 


I  ^'  V  0  T  C  E  -  B  0  0  K  . 


2 


Boston,  October,  1858. 


"Ty 


$51 
49 


Amount  brougJit  forward^ 


1st.  ^ 


William  B.  Braman. 

GO  prs.  Wo's  Calf  Boots,  H'd, 
60     "        "         "  "       Sp'g, 


.85 
.83 


Chase  &  Keiinard. 

360  prs.  Wo's  Opera  Boots, 83| 

4   

Benjamin  P.  Thomas. 

180  prs.  Wo's  Fox'd  Gaiters, $1.05 

6   


J.  C.  Redmond. 

120  prs.  Ladies'  Fine  Fox'd  Gaiters, 

. 7 


.85 


C.  W.  Barnard. 

204  prs.  Wo's  Pat.  Fox'd  Gaiters, 92 

117     "         "     F'cy  Top  Boots, 95 


B.  P.  Thomas. 

59  prs.  Enm'd  Boots, 

60  "     Fox'd       " 


.65 
$1.00 


Amount  carried fortuard, 


187 
111 


38 


00 
80 


68 
15 


35 


60  00 


$'21,545 


100 


300 


189 


102 


05 


80 


00 


00 


00 


298  83 


98|35 


$22,634,03 


Wl 


I  X  y  0  I  C  E  -  B  0  0  K  . 

Boston,  October,  1858. 

Amount  brought  forivard, 

. 11 

C.  W.  Barnard. 

48  prs.  Ladies'  Tip  Gaiters, 65 

57     "  "  "  "  90 

59     "  una  ...        .72^ 

« — — 

B.  P.  Thomas. 

150  prs.  Ladies'  Pat.  Fox'd  Gaiters, 85 

. ((    

A.  &  A.  Lawrence.  ... 

4  cases  |  Bleached  Cotton,  44321  yds., 7^ 

.  13 

C.  "W.  Stoddard  &  Co. 

25  doz.  Wh.  Fr.  Kid, 8-50 

^ 14 

Chase  <fe  Kennard. 

120  prs.  M.  11.  Wiiito  Gaiters, 1.05 

15 

W.  B.  Braman. 

180  prs.  Wo's  Enm'd  Buskins, 55 

Amount  carried  forward, 


$22,634 


03 


$31 
51 
42 


20 
30 

78 


125 


127 


331 


212 


120 


99 


$23,656 


28 
50 
44 
50 
00 

00 
75 


102 


I  N  V  0  I  C  E-B  0  0  K. 

4  1 

Boston,  October,   1858. 

Amount  brought /orivard, 
18 

J.  C.  Redmond. 

60  prs.  Wo's  Enm'd  J.  L.  Boots, 90 

$54 

00 

$23,656 

75 

5  Cartons,  .     .     . 
19 

62 

54 

62 

J.  C.  Redmond. 

240  prs.  Miss.  Goat  Laced  Boots, 60 

144 

00 

20 

J.  C.  Redmond. 

48  prs.   Fox'd  Gaiters, 97^ 

46 

80 

48     "     Tip             "          771 

37 

20 

84 

00 

C.  W.  Barnard. 

429  prs.  Child's  Kid  J.  Lind, 23 

98 

67 

9A 

B.  P.  Thomas. 

72  prs.  Ladies'  Fine  Fr.  Kid  Slips, 75 

54 

00 

24     "          "           "       "    J.  L.  Boots, 92 

22 

08 

8  Cartons,  .     .     . 

29. 

80 

76 

88 

A.  <fe  A.  Lawrence. 

5  bales  Shootinc;  —  B.  H.  S., 

821,817,  820,  819,  820  — 4097  yds., 7| 

307 

27 

Amount  carried/or^vard, 

$24,422 

19 

103 


invoice-book. 
Boston,  October,  1858. 

Amount  brought forivard, 

- 23 

B.  P.  Thomas. 

180  prs.  Wo's  Goat  Boots, 90 

180     "         "      Eum'd     "  90 

. .  25  

C.  W.  Barnard. 

240  prs.  Wo's  Kid  Polka, 1.00 

26 . 

W.  B.  Braman. 

120  prs.  Misses'  Enm'd  J.  Lind, G2-| 

27 

C.  W.  Stoddard  &  Co. 

100  sides  Buff  Leather,  866  lbs., 19 

28 

J.  M.  Beebe  &  Co. 

50  prs.  Drab  Snow  Boots, 1.40 

Amount  carried  forward, 


$162 
162 


$24,422 


00 

00   '         $324 


240 


19 


00 


75 


00 


164 


00 


54 


7000 


$25,295 


I 


73 


104 


i  n  v  0  i  c  e-b  0  0  k. 
Boston,  October,  1858. 

Amount  brougJit forward, 

29  

Chase  <fe  Kennard. 

35  prs.  Patent  Opera  Boots, 3.00 

24     "      Enm'd  Consress  " 1.62^ 

72     "      Pat.  Glove  Top     " 1.62| 

24     "        "     Moro.  " 1.621 

30 

Chase  &  Kennard. 

2  cases  Pump  Boots, 36.50 

1      "       i  Wt.      "  

Merchandise        Dr. 


6 


$25,295 

$105 

00 

39 

00 

117 

00 

39 

00 

300 

73 

00 

29 

00 

102 

73 


00 


00 


$25,697j73 


105 


F- 

I 


DOUBLE   ENTRY. 

THIRD    SET. 
S^LES-BOOK. 

EDMANDS   &    PUTNAM. 


S  7V  L  E  S  -  B  0  0  K .  ■ 
Boston,  October  4,  1858. 


^ 

C 

^ 


Wm.  Adams  &  Co. 

72  prs.  Men's  Thick  Boots,       ...*.....  §2.25 

3G     "        "       Fr.  Calf  "       .'  Wt., 2.75 

24     "        "       Kip  Brogans, 1.08 

. G   

Wm.  Adams  &  Co. 

30  prs.  Wo's  Fr.  Kid  Buskins, 85 

3G    "        "      Enm'd  M.  W.  Boots, 92^ 

3G    "     Men's  Ovor-Shoes, 97^ 

3G    "     Wo's       "         "        75 


Thomas  Barrows. 

9G  prs.  Wo's  Enm'd  J.  L.  Boot.s,  .     . 

9C    "         "  "       Polka     "        .     . 

9G    "         "      P.  Fox'd  Gaiters,     .     . 

9G    "         "      Enm'd  il.  W.  J.  L., .     . 

9G    "         "      Calf  Peg  Boots,  Lined, 
7  


.87^ 
.871 
1.00 
.92 
.95 


Wm.  Barton  &  Co. 

9G  prs.  Child's  Kid  Lined  Boots, 22 

9G    "         "        Goat  Peg'd     " 42 

9G    "     Wo's  Buskins, 40 


Gardner  T.  Barker. 

24  prs.  Men's  Calf  i  Wt.  Boots, 2.75 

24    "         "       Fr.Calf  D..S.," 3.25 

12    "     Wo's  Snow  Boots, 1.50 

24    "     Ladies'  S.  W.  Pat.  Fox.  Gaiters,     ....  1.60 

24    "  «       Glove  Kid  " 1.00 


Amount  carried  forward, 


102  00 
99'00 
25'92 


30,60 
33  30 
35  10 
27  00 


84  00 
84  00 
9600 
88  32 
91  20 


21 
40 


38  40 


66 

78 
18 
38 


12 
32 


00 
00 
00 
40 


24  00 


224  40 


280 


92 


126 


00 


443 


99 


52 


84 


956 


28 


108 


SALES-BOOK. 


Boston,  October  7,   1858. 


Amount  brou<j/d  /orivard, 
Samuel  Barrett. 

48  prs.  Wo's  S.  W.  F.  Fox.  Gaiters, 1.00 

31    "        "     Kid  Congress  Boots, 1.20 

48    "        "     S.  AV.  P.  Fox.  Gaiters, 1.35 

48     "         '■      Ernn'd  Polka  Boots, 80 


Smith  cfe  Trainer. 

GO  prs.  Wo's  Kid  Ties, 


331 


35 

CO    "        "      Fox.  Buskins, 75 

30    "     Child's  Goat    "        

30    "         "       Roan  Boots, 17 

GO    "         "       Fancy     "  45i 

30    "     Wo's  Enam'd  Polka, 87| 

30    "        "      Calf  Boots, 85 

9   


Wm.  Barton  &  Co. 

GO  prs.  Wo's  Enm'd  Peg'd  Buskins, 
GO    "        '•      Imt.  Goat  Peg'd   "  . 

59  "         "      Goat  Peg'd  J."  L.  Boots, 
GO    "         "      Calf        "      Buskins, 

60  "        "      Grained  " 
240  "         "      Enm'd  Laced  Boots, 


.65 
.70 

.821 
.70 
.55 
GO 


Chapman  &  Co. 

120  prs.  Wo's  Pat.  Fox.  Gaiters.  . 
72    "        "      Glove  P.  Tip  "     '  . 


48 


1.12^ 

90 

P.  Fox.  Gaiters, 92i 


Amount  carried  forioard, 


956 

28 

48 

00 

40 

80 

O  ( 

20 

G4 

80 

38 

40 

229 

20 

21 

00 

45 

00 

10 

00 

5 

10 

27 

30 

26 

25 

25 

50 

160 

15 

39 

00 

42 

00 

48 

68 

42 

00 

33 

00 

144 

00 

348 

68 

135 

00 

64 

80 

44 

40 

244 

20 

1938 

51 

1U9. 


S  A  L  E  S  -  B  0  0  K . 


Boston,  October  9,  1858. 


ts 
■^ 

e 


Amount  hrougld  foru-ard, 

James  Smith. 

50  pis.  Ladies'  S.  AY.  Kid  Fox.  Gaiters,  ....    ^  1.121 

25     '•         "        Enml'd  M.  W.  Boots, 95 

48     "         "        Calf  Sp'g  H'd, 85 

24     "     Child's   Goat  M.  Yf.  Boots, 32 

24     "         "        Kid  Pp.  " 25 

48     "         «  "     Strap  •' 50 

12     '■'         "  "     Purodi       " 50 

11  

Brown  &  Vincent. 

240  prs.  Child's  Enm'd  J.   L.   Boots, 67^ 

120     "     Misses  Pat.  Laced         "         60 

240     "     Child's  Enm'd  "  "         40 

120     "     Wo's  P.  Fox.  Cong.  Gaiters, 1.25 

37  doz.  Men's  Cork  Soles, 1.62i 

24     "      Wo's       "         "  1.25 

a 

William  Brown. 

48  prs.  Wo's  Over-Shoes, .75 

60     "     Men's      "         " 1.00 

24     "     Wo's  Buskins,         75 

24     "     Misses      "  50 

60     "     Wo's  Calf  H'd  Boots, 1.00 

24     "         "     Goat  Polka  "  95 

«    . . 

Thomas  Simpson. 

120  prs.  Wo's  Pat.  Fox.  Gaiters, 1.12^ 

240     "     Bronze  Parodi         "  92^ 

6  Cartons,  . 

Amount  carried  forivard, 


$56  25 

23  75 

40  80 

768 

6  00 

24,00 

6  00 


8164 

48 

162 

00 

72  00 

96  00 

150  00 

60  18 

30 

00 
00 

36 

60  00 

18  00 

12  no 

60  00 

22 

80 
80 

$208 

135  00 

222  00 

38 

$1938 


51 


$570 


13 


357 


38 


$2866j02 


110 


S  A  L  K  S  -  B  0  0  K  . 

4    i 

Boston,  October  13,   1858. 

i 

1 

Amount  hrouglit  foi 

•ivard. 

$2,866  02 

George  8anbonie,  Jr. 

50  jirs.  Wo's  Split  Boots, 

.80 

$40 

00 

p>i 

48     '•        ■■'       Grained  '• 

.80 

38 

40 

0^ 

oG     "        '•      Goat        '' 

.95 

34 

20 

3G     ''        '■      Toilet  Slips^, 

.50 

18 

00 

16     "'        "      Snow  Boots, 

1.50 

24 

00 

Ifi 

$154 

GO 

Freeman  &  Lnnt. 

11  doz.  Calf  Skins,  374  lbs., 

.      94 

351 

56 

«    

Louis  Sanderson. 

U  doz.  Grained  Leather,  900|  lbs., 

.      .14 

126 

07 

Gl    lbs.    Split             "          

.      .38 

23 
65 

18 
17 

214 

42 

ITli    "         "                ''         

.      .38 

John  B.  Grant. 

48  prs.  Child's  Goat  Boots, 

.      .42 

20 

IG 

-« 

•-«* 

48     "         "        Grained  " 

.      .42 

20 

16 

^ 

24     "      Wo's  Snow  Boots, 

.    1.50 

36 

00 

24     "         "      Enm'd  Polka  Boots, 

.      .95 

''2 

80 

24     "         "          "          «           "      M.W.,      .     .     . 

.      .95 

22 
121 

80 
92 

1 

Amount  carried  forward, 

$3432 

00 

HI 


SALE  S-B  0  0  K. 

Boston,  October   18,  1858. 

Amount  hrouglit  forward, 

Smith  k  Trainer. 

120  prs.  Wo's  Enml'd  Sewed  J.  L.    Boots,       ...       .90 

120     '•      Child's     "      Peg'd  Laced       " 42^ 

60     "      Mij^ses     "  "  "  « 65 

23  Sides  Eiiml'd  Leather,  1141  ft., 18 

20 

Thomas  Simpson. 

60  prs.  Wo's  Gout  Peg'd  Polka, 90 

60     "        '•       Ini't  Calf  Strp'd  Shoes 62i 

59  "     Misses  "     Goat  J.  L.  Boots, 55' 

60  "         "        "         <i     "    "        " 55 

48     "     Wo's  Pat.  Pox'd  Gaiters, 1.08 

59     "         "       "         "  "  1.08 

23 

Thomas  Simpson. 

1  case  Drill,  1083  yds., 9 

52  gro.   No.  13  Laces, 19 

1  doz.  Ladies'  Cork  Soles, 

1     "      Gent's       "         " 

, 25 

Louis  Sanderson. 

48  prs.  Youth's  Thick  D.  S.  Boots, 1.00 

18     "     Men's  Calf         "    "       "        3.00 

Amount  carried  up, 

Amount  carried  forioard, 


$108  00 
51;00 
39  00 
79  96 


54 
37 
32 
33 
51 
63 


97 
9 
1 
1 


00 

50 
45 
00 

84 

72 


47 
88 
25 
50 


48  00 
144  00 

192  oir 


$3432 


00 


277 


96 


272 


51 


110 


10 


$4092 


57 


112 


S  A  L  E  S  -  B  0  0  K  . 


6 


Boston,  October  25,  1858. 


Amo un t  In-ougJd  fo rivard. 

Entry  continued.  Amount  hroucjlit  itp, 

12  prs.  Men's  Pumps, 1.15 

12     '••     Wo's  P.  Fox.  Cong.  G.aiters, 1.35 

24     "        "      Kid  "       Side  Laced,  ....       1.10 

1   Carton,    . 

26  


Plim2)ton  ct  Warren. 

72  prs.  Men's  Fr.  Calf  i  Wt.  Boots, 2.661 

72     ^'      Youth's  Thick  I),  y.  Boots, 1.00 

54     "      Wo's  Goat  Pog'd  Polka  Boots, 92 


William  Adams.  &  Co. 

72  prs.  Wo's  Enm'd  J.  L.  Polka, . 
36     "        "      Pat.  Tip  Gaiters,    . 

24         a  i.'  if  ii  ii 

72     "     Child's  Fancy  Shoos,  .     . 
72     "         "        Goat" Peg'd  Polka, 


27 


.83 
.83 
.83 
.45 
.45 


Brown  &  Vincent. 

120  prs.  Wo's  Goat  Polka,       .     . 

120     "     Child's  " 

120     "         "     Kid  Lac'd  PoUca,    . 


.90 

.45 
.42i 


Amount  carried  forward, 


$19200 

1380 

1620 

20  40 

13 


192  00 

72,00 
49'68 


59 

29 


76 

88 


1992 
3240 
32  40 


108:00 

54|00 
5100 


$4092 


248 


57 


313 


174 


213 


68 


36 


00 


$5042 14 


113 


SALES-BOOK. 


Boston,  October  27,  1858. 

Amount  hrougJd  forward, 

$5042 

14 

Brown  &  Vincent. 

00  prs.  Misses  Im't  Goat  J.  L.  Boots, 50 

$30 

00 

00     "     Wo's  Enm'd           «    «      «         G5 

39 

00 

36     "        •'     Kid                             '■•         1.00 

36 

00 

48     "         "     Goat                           "       ■ 80 

38 

40 

60     "         "     S.  W.  P.  Pox.  Gaiters, 1.05 

63 

00 

206 

40 

30 

Smith  &  Trainer. 

38  gro.   Sk.  Buttons, 30 

11 

40 

3  ps.   .?  Drill,  131i  yds., 09 

11 

84 

10    "    1     "      350i    " 09i 

33 

27 

56 

51 

Simonds  &  Thomson. 

48  prs.  Wo's  Pat.  Pox.  Gaiters, 1.15 

55 

20 

120     "        "        Goat  S.    S.  Boots, 82| 

99 

00 

60     •'        "       Moro.  "    "        •'•' 82i 

49 

50 

203 

70 

Thomas  Barrows. 

00  prs.   Wo's  Kid  Kossuth  Boots,     ..."...       .90 

54 

00 

00     "         "       Glove  Pox.  J.  L.  Boots,   .   ' 82^ 

49 

50 

00     "     Misses  Im't  Goat    "   "       "         00 

36 

00 

60     "         "        Enm'd          "   "       "         67| 

40 

50 

180 

00 

Samuel  Barrett. 

00  prs.  Misses  Calf  H'd  Boots, 90 

54 

00 

CO     "     Pat.  Pox.  Gaiters 1.10 

66 

00 

CO     "     Infant's  Shoes, 15 

9 

00 

129 

00 

3Ie}'chan 

dise          C 

V. 

f:-si7 

75 

114 


DOUBLE   ENTRY 

THIRD    SET. 
^  Y--I3  0  0K, 

EDMANDS   &   PUTNAM. 


DAY-BOOK. 

Boston,  October  0th,  1858. 

Bills  Receivable  Dr. 

To  Thomas  Barrows, 
For  his  Note,  dated  Oi'itober  6,  at  6  mos., 

— —    II    

Chase  &  Kennard  Dr. 

To  Bills  Payable, 

For  our  Note,  dated  October  1,  at  8  mos., 

ii   

B.  P.  Thomas  Dr. 

To  Bills  Payable, 
For  our  Note,  dated  October  4,  at  8  mos., 

7    , 

Merchandise  Dr. 

To  Wm.  Barton  &  Co., 
For  96  prs.  Child's  Boots,  returned  on  account  of  imper- 
fection, at  .22, 

. 8 

Sundries  Dr.  To  Samuel  Barrett. 

Mdse.  —  for  1  pr.  Gaiters,  short  in  bill  of  Tth  inst.,      .... 
Bills  Eec.  —  for  his  Note,  dated  October  7,  at  6  mos.,      .     .     . 

Charles  W.  Barnard  Dr. 

To  Bills  Payable, 

For  our  Note,  dated  October  7,  at  6  mos., 

12 

A.  &  A.  Lawrence  Dr. 

To  Bills  Payable, 
For  our  Note,  dated  October  11,  at  6  mos., 


228 


00 
20 


$443 

52 

300 

00 

189 

00 

21 

12 

229 

20 

298 

83 

$332 

44 

lie 


DAY-BOOK. 


Boston,  October  12,  1858. 


Bills  Receivable  Dr. 

To  William  Adams  &  Co., 
For  tlieir  Note,  dated  October  5,  at  60  days, 

15  


Benj.  P.  Thomas 

To  Bills  Payable, 
For  our  Note,  dated  October  10,  at  G  mos., 
IG  ______^__ 


Dr 


Bills  Receivable  Dr. 

To  Wm.  Barton  &  Co., 
For  their  Note,  dated  October  9,  at  CO  da^^s,    .     .     .     .     , 
20  


Bills  Receivable  Dr. 

To  Brown  &  Vincent, 

For  their  Note,  dated  Octolier  11,  at  GO  days, 

99 


John  C.  Redmond 

To  Bills  Payable, 
For  our  Note,  dated  October  19,  at  G  mos.. 


Dr. 


B.  P.  Thomas  Dr. " 

To  Intei'est, 
For  5  per  cent.  Discount  on  $400.88,  amoimt  of  Invoices 
of  21st  and  23d  inst., 

28  


Charles  W.  Barnard  Dr.  to  Sundries, 

To  Interest,  for  4  per  cent.  Discount  on  $338.67,  amount 

of  Invoices  of  20th  and  25tli  inst., 

To  Bills  Payable, 

For  our  Note,  dated  October  24,  at  2  mos.,     .... 


$13 
325 


55 
12 


212 


225 


127 


92 


85 


40 


370 


282 


62 


20 


04 


338 


S7 


in 


3 


DAY-BOOK. 

Boston,  October  30,  1858. 

Chase  &  Kennard  Dr. 

To  Merchandise, 
For  allowance,  as  agrec^d,  for  damage  on  one  dozen  Opera 
Boots, ■ 

_ .    II    

Profit  &  Loss  Dr. 

To  Expense,* 
For  1  month's  Rent  of  Store,  at  $2000  per  annum,  unpaid, 

"     1        "        Salaries  of  Clerks, 

"     Sundry  small  expenses, 

It   

Brown  &  A^incent  Dr. 

To  Bills  Receivable, 

For  their  Note,  due  December  10,  given  up, 

. . . ,  (t 

Sundries  Dr.     To  Brown  &  Vincent. 

Profit  &  Loss, 

For  GO  per  cent,  allowance,  as  agreed,  on  out  claim  against 

them, 

Bills  Receivable, 

For  their  Note,  dated  Oct.  30,  at  sixty  days,  endorsed  by 
J.  B.  Howard, 

Mdse.  on  hand,  per  Liventory,  $19710.67. 

*  The  rptirinp:  partner  sliotild  hoar  his  part  of  those  expenses,  which  have  been  incurred, 
though  they  arc  not  payable  till  the  end  of  the  quarter. 


166 
105 

23 


67 
00 

80 


473 


72 


315  81 


50 


295 


370 


47 


13 


789 


53 


11!:' 


DOUBLE   ENTRY. 

THIRD    SET. 
C^SH-BOOK. 

EDMANDS   &   PUTNAM. 


119 


Dr. 


.CASH. 


1858 
Oct.    1st 

4tli 

7  th 

9tli 

11th 

13th 

16th 

U 

18th 
19th 

20t.h 

23a 

25th 
28th 
30th 


To  George  W.  Edmands, 
Lemuel  Putnam, 
William  Adams  &  Co.,- 
Merchandise, 


■  Amount  invested, 


William  Barton  &  Co.,- 
Chapman  &  Co., 
Smith  cfe  Trainer, 
Briiwu  A:  Vino^'nt, 
Freeman  k  Lunt, 
Smith  k  Trainer, 
Thomas  Simpson, 
Louis  Sanderson, 


-  Rec'd  of  them, 

G.  T.  Barker,  for  his  bill  of  this  date, 
James  Smith,  '*  *'  "  "  "  " 
Wm.  Brown,  "  "  "  "  "  " 
Geo.  Sanborne, "  "  "  "  '*  *' 
J.  B.  Grant,  "  "  "  "  "  " 
them, 


him. 


Cash,  Dr. 


$2000  00 

IGOO  00 

200  00 

221  40 


1G4 

208 


48 
80 


154|G0 
12l|92 
300  00 
244^20 
160'l5 
200 j GO 
150  00 
100  00 
300j00 
75' 00 


6203 


55 


$6205 


55 


120 


.C  ASH- 


Cr.      3 


1858 
Oct.      4th 


By  Expense, 


5th 
7  th 
9th 


12th 
11th 
16th 
20th 
21st 
25th 

28th 
30th 


"    Wm.  B.  Braman, 
"   John  C.  Redmond, 
"    Expense, 


C.  W.  Barnard, 

Expense, 

C.  W.  Stoddard  &  Co., 

Chase  tt  Kennard, 

Wm.  B.  Braman, 

B.  P.  Thomas, 

Wm.  B.  Braman, 
James  M.  Beebe  &  Co., 


—  pa.  B.  Loriii^'  &  Co.,  bill  of  Blank-Bouks,  Ac, 

"   J.  Tirrcll  i  Cu.,  bill  of  4  tons  Coal,  at  $0.50, 

"    for  housing  Coal, 

"   Stephen  Smith's  bill  (1  Desk  $25,  1  do.  §30), 

"   A.  U.  Allen's  bill  of  Chairs,  &c., 

— ■     '*   him  for  invoice  of  1st  inst., 

—  "      "     "         "       "    Cth     "         

—  "    N.  E.  Insurance  Co.  for  $10,000  Insurance  on 

Stock,  1  year  from  Oct.  7th,  at  4'pcr  cent., 

—  "   Fireman's  Insur.anco  Co.  for  $5,000  Insurance 

on  Stock,  1  year  from  Oct.  7th,  at  .^  percent., 

—  "    him  for  invoice  of  the  11th  inst., 

—  "    for  Labor, 

— ■     "    them  for  invoice  of  13th  inst., 

—  "        "       "        "  "  Uth     "         

—  "    him     "        "         "  15th     "         

— •     "       "      "    invoices  of  21st  and  23d  inst.,  less 

5  per  cent., 

—  "    him  for  invoice  of  2Gth  inst., 

—  "    them  for  invoice  of  28th  inst., 

Cash,  Or.     .     . 
Balance  carried  to  November, 


$30  00 

2g[00 

ii'oo 

55:00 
12'00 


50  00 
25  00 


$124 
100 
102 


00 
80 
00 


75 

00 

125 

28 

1 

00 

212 

50 

126 

00 

99 

00 

380 

84 

75 

00 

70 

00 

$1491 

42 

4712 

13 

$6203 

55 

121 


DOUBLE   ENTRY. 

THIRD    SET. 
BILL-BOOK. 

EDMANDS   &   PUTNAM. 


■m 


BOOKKEEPING. 


NOTES     AND     BILLS     RECEIA^ABLE. 


No. 

1 

2 

3 

4 
5 
6 


Projiisoks. 


Thomas  Barrow.'s,  .  . 
Samuel  Barrett,    .  .  . 

William  Adams  &  Co., 
William  Barton  &  Co. 
Brown  &  Vincent,  .  . 
Brown  &  Vincent,  .  . 


EUDOBSEES. 


J.  B.  Howard, 


Date. 

Time. 

1858 

Oct.    6 

6  mos. 

"      7 

((     (( 

"      5 

GO  days. 

"      9 

a      ti 

"    11 

U        (f 

"    30 

a      u 

AVuE.N  Due. 

April    G-  9 

7-  9* 

185S 

Dec.     4-  7 
8-11 
"      10-13 
"      29 


Amount. 


$443.52 
228.20 

212.92 
127.40 
370.13 
315.81 


Re.makks. 


NOTES     AND     BILLS     PAYABLE. 


No. 


To  WHOM  Pay.ible. 


Chase  &  Kennard,  .  . 
Benjamin  P.  Thomas, 
Charles  W.  Barnard, . 

A.  &  A.  Lawrence, .  . 

B.  P.  Thomas,  .  .  .  . 
John  C.  Redmond, .  . 

Charles  W.  Barnard,  . 


For  what  Give.v. 


Merchandise, 
« 


Date. 


Oct. 


1 
4 

7 
11 
10    G 
19    6 

24 


Time. 


8  mos. 
8     " 
6     " 
6     " 


AVhen  Due. 


June 


1869 


April 


1-  4 
4-  7 
7-10 
11-14 
"  10-13 
"       19-22 

185S 

Dec.    24-27 


Amount.     Remakks. 


§300.00 
189.00 
298.83 
332.44 
225.85 
282.G2 

325.12 


*  Notes,  &c.,  which  fall  due  on  Sunday,  or  any  public  holiday,  must  be  paid  on  the  previous  day. 


124 


DOUBLE   ENTRY. 

THIRD    SET. 

EDMANDS   &   PUTNAJVI. 


LEDGER. 

Br.                                                              Geoege  W.  Edmands.                                                              Cr. 

1858 
Oct.  30 

To  Profit  &  Loss, 

"    Balance 

$  125 
124.38 

66 

75 

1858 
Oct.  1 

ii        ii 

By  Merchandise, 

'"'    Cash, 

1 

$10564 
2000 

41 
00 

IT 

Dr. 

41 

By  Balance, 

$12564 

$12564 

J 

Lemuel 

Oct.  30 

Putnam 

$12438 
Cr. 

75 

1858 
Oct.  30 

a        i( 

To  Profit  &  Loss, 

"  Balance, 

$  125 
12454 

67 

97 

1858 
Oct.  1 

a       ii 

By  Merchandise, 

"    Cash, 

1 

$10980  64    ■ 
160000 

Dr. 

$12580 

64 

T>v  T>alrinoe         

i    Si 2580  64 

Profit 

Oct.  30 
it  Loss 

:    $12454 

97 

Cr. 

1858 
Oct.  30 

a            ii 
11           ii 

To  ExnensG 

•;                        1 

$200  00 

295  47 

1858 
Oct.  30 

ii        a 
ii        a 
it       a 

By  Merchandise, 

"    Interest, 

$684 

33 

125 

125 

27 
59 
66 

67 

U                      ii 

''   Browu  tt  Vincent, 

473 

72 
19 

Geo.  W.  Edmands, 

Leuinel  Putnam, 

$969 

$969119 

i 

;j 

126 


T  R  I  A  L  -  B  A  L  i\.  N  C  E 
Boston,  October  30,  1858. 


L.  F. 


George  W.  Edmands,  . 
Lemuel  Putnam,  .  . 
Profit  &  Loss,  .  .  . 
Mercliandise,       .     . 

Expense, 

Interest 

Bills  Payable,     .     .     . 
"     Receiv'able,     .     . 

Cash, 

Chase  &  Kennard,  . 
A.  &  A.  Lawrence, .     . 
C.  W.  Stoddard  &  Co., 
Wm.  Adams  &  Co., 
Thomas  Barrows,  . 
Samuel  Barrett, .     .     . 
Smith  &  Trainer,     .     . 
Thomas  Simpson,    .     . 
Freeman  &  Lunt,    .     . 
Louis  Sanderson,    .     . 
Plimpton  &  Warren,    . 
Simonds  &  Thompson, 


Dr. 


769 
19026 


1327 
4712 


174 

180 
129 
234 
439 
201 
387 
313 
203 


19 
40 


85 
13 


36 
00 
00 
47 
99 
56 
95 
08 
70 


28100  28 


Cr. 
$1256441 

12580'64 


9547 

3359 

1953  86 


400  50 
307  27 
16454 


28100  28 


'"*B 


BOOK-KEEPING. 


REVIEW. 

It  appears  from  the  Partners'  accounts  that  the  net 
capital  of  the  firm,  at  the  commencement  of  business, 
was  $25155.05. 

Having  continued  in  the  business  one  month,  they 
found  it  less  profitable  than  was  expected  ;  it  was  decided 
by  mutual  agreement  to  dissolve  the  partnership. 

An  examination  of  tlieir  accounts  shows  tliat  they 
have  lost,  by  the  failure  of  one  of  their  customers, 
$473.72,  and  tlie  expenses  have  been  8405.47.  The 
total  losses,  therefore,  are  8969.19. 

But  they  liave  gained  on  Merchandise  8684.27,  and 
the  credit  balance  on  the  interest  account  is  833.59; 
niaicing  tlie  total  gains  8717.86.  This  sura  subtracted 
from  the  total  losses  leaves  for  a  net  loss  8251.33. 

Being  equal  partners,  this  loss  must  be  divided  equally 
lictween  tlie  two;  therefore  Edmauds'  half  of  it  is 
812").Gi3,  — Putnam's,  8125.67. 

When  the  amount  of  the  net  loss  is  entered  on  the 
Crcdi:  side  of  the  Profit  &  Loss  account,  it  will  be  bal- 
anced ;  and  then,  if  the  same  two  sums  are  debited  on 
tlie  partners'  accounts,  they  may  be  balanced  like  other 
personal  accounts,  and  the  balance  of  each  partner's 
account  will  be  his  net  capital. 


QUESTIONS. 

What  does  this  set  of  books  represent  ? 

What  books  are  used  in  this  set  ? 

Describe  the  "  Day-Book  and  Journal  Combined." 

How  is  the  Invoice-Book  used  ? 

What  is  the  use  of  the  Sales-Book  ? 

What  is  said  of  the  Cash  Sales  ? 

Is  it  necessary  to  journalize  these  books  ? 

For  what  is  the  Bill-Book  used  ? 

What  is  said  of  copying  in  this  set  ? 

How  should  the  several  books  be  posted  V 

Why  is  the  Ledger  omitted  in  the  text-book  ? 

How  much  was  mvested  by  each  of  the  partners  ? 

How  much  Merchandise  has  been  bought  ? 

How  mucli  sold  during  the  month  ? 

How  much  Cash  has  been  received  ?     Paid  out  ? 

What  amount  of  Notes  have  been  received  ? 

How  much  has  been  paid  on  these  Notes  ? 

What  is  the  amount  of  Notes  Payable  now  due  ? 

What  is  due  the  firm  on  acc't  ?     What  do  they  owe  ? 

What  have  been  the  expenses  during  the  month  ? 

Wliat  has  been  lost  by  bad  debts  7 

What  is  the  whole  amount  of  gains  ?     Losses  ? 

What  is  the  net  gain  or  loss  ? 


26 


BOOKKEEPING. 


MERCANTILE   CALCULATIONS. 


INTEREST    AND    DISCOUNT. 

T£IE  term  Interest,  as  used  by  business  men,  may 
be  said  to  mean  tlie  use  of  money,  or,  the  price  paid 
for  the  use  of  money.  When,  for  example,  a  man  pa^'s 
me  $6  for  the  use  of  $100  for  one  year,  the  sum  he 
pays  me  is  not  the  interest,  but  it  is  the  price  paid  for 
the  interest  or  use  of  the  money.  I  liave  received.  Cash 
($6),  and  he  has  received  the  use  of  $100.  Hence,  in 
Bookkeeping,  Cash  is  debited  and  Interest  credited,  in 
cases  of  this  kind. 

Discount  is  a  similar  allowance  for  the  use  of  money 
when  it  is  paid  before  it  is  due. 

Note.  —  The  sum  on  which  the  Interest  is  to  be  reckoned  is  called 
the  Principal ;  tlie  price  paid  for  the  use  of  $1  one  year  is  called  the 
Rate,  and  the  Principal  and  Interest  added  together  malie  the  Amount. 

The  Rate  is  fixed  by  law,  and  varies  in  the  different 
States.  In  New  England  and  most  of  the  States  of  this 
Union  it  is  G  per  cent. ;  also  in  Canada  and  Nova  Scotia. 
In  New  York,  Michigan,  Wisconsin,  Minnesota,  South 
Carolina,  and  Georgia,  it  is  7  per  cent. ;  in  Alabama  and 
Texas,  8  per  cent. ;  in  California,  10,  and  in  Louisiana, 
only  5  per  cent. ;  also  in  England  and  France,  5  per  cent. 

Tiiese  are  the  rates  fixed  bylaw,  in  all  cases  in  whicli 
no  particular  rate  is  specified.  But  in  some  of  these 
States  a  higher  rate  may  be  taken  b}-  special  agreement 
between  the  parties. 


TO   FIND   THE   INTEREST   ON   $1   FOR  ANY   GIVEN  TBIE. 

As  6  per  cent,  is  easier  to  reckon  than  any  other  rate 
in  common  use,  the  following  rules  and  calculations  are 
based  on  that  rate  ;  and  when  no  rate  is  specified,  6  per 
cent,  is  understood. 

YEARS. 

At  6  per  cent,  a  year,  what  should  be  paid  for  the 
use  of  $1  for  2  years?  3  years?  5  years?  10  years? 
What  for  1|  years?  2|  years  ?  1|  years?  3i  years? 
71  years? 

MONTHS. 

As  the  interest  on  $1  for  1  year,  or  12  montlis,  is  6 
cents,  it  must  be  \  cent  for  a  month,  or  one  half  as 
many  cents  as  there  are  months  for  any  given  time. 

What  is  the  interest  on  $1  for  6  months?     8  months? 

3  months?     9  months?     15  months?     20  months  ?     25 
months  ?    1  year  and  6  months  ?    2  years  and  5  months  ? 

4  years  and  9  months  ? 

DAYS. 

At  \  cent,  or  5  mills,  per  month  of  30  days,  the  inter- 
est on  $1  is  1  mill  for  every  G  days. 

What,  then,  is  the  interest  on  $1  for  12  days?  18 
days?  24  days?  3  days?  9  days?  ISdaj-s?  4  days? 
7  days?  11  days?  14  days?  17  days?  33  days  ?  29 
days  ? 


129 


BOOKKEEPING. 


I 

a 

4 
1 

a 

5 

1 

a 

8 

1 

(t 

S 

ti 

o 

a 

A  SllOKT   METHOD    OF    KEL'KOMXG   INTEKEriT,   ETC. 

At  6  per  cent,  any  sum  of  money  will  i/ouhle  m  200 
months.  For  if  the  interest  on  $1  is  ^  a  cent  a 
month,  in  200  months  it  must  be  $1. 

Tliorefore,  the  interest  on  ani/  principiil  at  G  per 
cent.,  foi-  200  mouths,  is  equal  to  the  principal. 

"      50       "  " 

II  ^Q  «  (( 

H         05  a  It 

"      10      "  " 

II  9  u  II 

Now,  since  the  interest  on  any  principal,  at  6  per 
cent.,  I'or  2  months,  is  lio,  or  1  per  cent.,  of  the  {)rinci- 
pal  itself,  it  can  therefore  be  i'ound  l^y  simYily  pointiitij 
off  two  Ji (J arcs  from  the  rujld  of  the  dollars. 

Rule.  —  Find  the  interest  for  2  montlis  hy  ^9oi'«<i«gf 
off  two  figures  from  the  right  of  the  dollars ;  and  then 
for  an//  other  niimher  of  months,  vi/dtijjl//,  divide,  add, 
or  subtract,  as  the  case  via//  require. 

E.XAMPLE  1.  What  is  the  interest  on  $1234.12  for  2 
months?  Ans.   $12.34. 

2.  What  is  the  interest  on  $1728  for  4  mnntlis? 

(I'oint  andmiikii.lyby  2.)  ^;(S.   $34.56. 

3.  What  is  the  interest  anj  tlie  amount  of  $164.88 
for  3  months?  Ans.  Int.,  $2.47,  Amt.  $107.35. 


Note  1.  —  Wlieu  the  time  does  not  exceed  4  laontlis,  50  cents,  or 
more,  in  the  pnnapal,  may  be  counted  as  another  dollar,  in  the  oper- 
ation, merely,  I'ut  not  in  the  uinount.  Thus,  ij^lG4.88  =  §105. 
$105  for  2  months  =  1.03,  and  i'or  1  month=  half  of  it, =  .82  ;  and 
$1.05  +  .82  =  $2.47  ;  $2.47  +  $104.88  =  107.35. 

Note  2.  —  When  the  principal  is  counted  greater  than  it  really  is, 
the  slight  error  may  be  corrected  in  part  by  rejecting  such  fractions 
as  occur  in  otlier  parts  of  the  operation  ;  as,  in  tlie  instance  above, 
82;^  cjuts  was  called  82  cents,  by  which  5  mills  were  lost,  to  bal- 
ance a  gain  of  about  2  mills. 

On  the  other  hand,  if  the  principal  is  counted  less  than  it  really  is, 
the  error  is  corrected  by  countin'j  iii  tlie  fractions,  as  83  cents  instead 
of  82  in  the  example  above. 

But  if  these  rules  are  observed,  the  error  never  can  exceed  the 
interest  of  50  cents  fir  4  muutlis,  =  about  1  cent. 

4.  What  is  the  interest  on  $644.32  for  1  month? 

(Point  for  2  months  and  take  oue-half.)         AnS.   $3.22. 

5.  Find  the  interest  on  $840.12  for  9  months. 
(Find  it  for  10  nios.  and  subtract  one-tenth.)    Ans.   $37.80. 

6.  Find  the  interest  on  $1274.93  fur  11  months. 
(Find  it  for  10  mouths,  and  add  one-tenth.)     ^lus.  $70.12. 

Note.  — In  the  last  two  examples,  although  the  time  is  longer  than 
provided  for  by  the  rule,  yet,  as  the  odd  cents  vary  .'■'o  little  from  whole 
dollars,  the  principals  are  so  counted,  viz.,  $8-iU,  and  $1275,  re- 
spectively. 

7.  Find  the  interest  on  $1500  for  10  months. 

Ans.  $75. 

8.  Find  the  interest  on  $100000  for  15  months. 

Ans.  $7500. 

9.  Find  the  interest  on  $8888  for  20  months. 

(Point  off  one  figure  =  one-tenth.)  AnS.  $888.80. 


13(. 


BOOKKEEPING. 


10.  Find  tlie  interest  on  $123445  for  40  montlis. 

Ans.     S24G89. 

11.  Find  the  interest  on  §97864  for  50  months. 

Ans.     244G6. 

12.  Find  the  interest  ou  $246804  for  100  months. 

Ans.     $123432. 

DAYS. 

Having  fmnd  the  interest  on  any  principal  for  2 
months,  or  CO  days,  by  the  above  method,  we  can  easily 
find  it  for  6  d:iys,  by  pointing  ofl"  one  figure  more. 
The  interest  on  §100  for  60  days  (2  months),  is  $1.00, 
and  for  6  days  is  .100  =  10  cents.  Again,  at  the  rate  of  1 
mill  for  6  days  the  interest  for  6  days  is  just  as  many 
mills  as  there  are  dollars  in  the  principal. 

Example.  The  interest  on  $1230  for  6  days  is  1230 
mills,  wliicli,  divided  by  1000  (by  pointing  off  three  fig- 
ures), is  $1.23.     Hence  the  following 

Rule.  — Find  the  interest  for  6  dai/s  hy  ^^ointing  off 
three  figures  from  the  rigid  of  the  dollars ;  and  then  for 
any  other  number  of  days,  inultiply,  divide,  add,  or  sub- 
tract, as  the  case  may  require. 

Example  1.  —  What  is  the  interest  on  $123450  for  6 
days?  Ans.     $123.45. 

2.  What  is  the  interest  on  $2345  for  12  days  ? 

Ans.     $4.69. 

3.  What  is  the  interest  ou  $2500  for  18  days? 

Ans.     $7.50. 

4.  What  is  the  interest  on  $1260  for  3  days  ? 

(Point  and  take  one-half.)  AnS.     $.63. 


5.  What  is  the  interest  on  $9436.25  for  9  days? 
(Point  and  add  one-half  of  itself  to  it.)         Ans.      $14.15. 

6.  What  is  the  interest  on  $5678.75  for  15  days? 
(Point  as  for  CO  daj-s  and  take  one-quarter.)    Ans.    $14.20. 

YEARS,     MONTHS,     AND     DAYS. 

Note.  — Although  tliore  is  no  special  advantap;o  in  tliis  method  for 
reckoning  interest  for  whole  years,  yet  it  ol'teu  hii)ipcns  tlir.t  the  years 
and  months,  taken  t'igether,  will  make  a  couvtnicnt  numbor  of 
months,  and  thereby  shorten  the  process  very  much. 

Example  1.  Wliat  is  the  interest  on  $5432.10  for  1 
year,  8  months  (20  mouths),  and  10  days? 

Ans.     $552.26. 

2.  What  is  the  interest  ou  $155.18  for  5  months  (^  of 
20  months)  and  20  days?  Ans.     $4.40. 

3.  What  is  the  interest  on  $131.46  for  11  months,  6 
days?  Ans.     $7.36. 

4.  What  is  the  interest  on  $47.20  for  3  months,  26 
days?       (Find  it  for  4  mos.  and  subtract  the  int.  for  4  dajs.) 

Ans.     .$.91. 

5.  What  is  the  interest,  at  7i  per  cent.,  on  $125  for 
1  month,  7  days?      (7|  =  6  +  i  of  6.)        Ans.  $.96. 

6.  What  is  the  interest,at  9  per  cent.,  on  $652.78,  for 


11  months,  20  days? 


Ans. 


.12. 


(Find  it  for  1  year,  and  subtract  the  interest  for  10  i',ay,s.) 

7.  What  is  the  interest,  at  12  per  cent.,  on  $1234  for 
9  months,  15  days?  (9  months  15  days  =  10  months  — 
15  days.)  Ans.     $117.23. 

8.  What  is  the  interest  ou  $365.06  for  1   month   24 


days  (2  months  —  6  days)  ? 


Ans.     $3.29. 


131 


BOOKKEEPING. 


9.  What  is  the  interest  on  $6789.98  for  20  (i  of  60) 
dnys?  ^ns.  22.63. 

10.  Find  the  interest  on  $1243210  for  4  days. 

Ans.  $828.81. 

11.  Find  the  interest  on  $76543.21  for  27  days. 
(Find  it  fori  month  and  subtract  une-tenth.  Ans.  $344.45. 

12.  Find  the  interest  on  $12560  for  40  (|  of  60)  days. 

Ans.  $83.73. 

13.  Find  the  interest  on  $1859  for  45  (|  pf  60)  days. 

Ans.  $13.94. 

14.  Find  the  interest  on  $1959  for  48  (*  of  60)  days. 

Ans.  $15.67. 

15.  What  is  the  interest  on  $272.25  for  7  mos.  27 
days  (8  mos.  —  3  days)  ?  Ans.  $10.75. 

16.  What  is  the  interest  on  $640  for  two  years  6 
mos.  4  days  (2  yrs.  6  mos.  =  30  mos.)      Ans.  $96.43. 

17.  Wliat  is  the  interest  on  $1142  for  3  years  4  mos. 
(40montlis)?  Ans.  $228.40. 

18.  What  is  the  interest  on  $2240  for  4  yrs.  7  mos.? 
(4  yrs.  7  mos.  =  55  mos.  :=  50  mos.  +  5  mos.)  Ans.  $616. 

19.  Wiiat  is  the  interest  and  amount  of  $327.42  for  8 
mos.  12  days?  Ans.  Int.,  $13.75,  Amt.,  $341.17. 

20.  Whatwas  the  amt.,at  7  per  cent, of  a  Note  for  $500, 
dated  May  9, 1858,  at  3  mos.,  paid  Oct.  20?    Ans.  $506.61. 

21.  Wliat  is  the  amount  of  a  Note  on  demand  for 
$165.75,  at  7  per  cent.,  dated  July  23,  1859,  and  paid 
Oct.  26,  1859?  Ans.  $168.75. 

22.  A  Note  for  $1728,  dated  Oct.  16,  1858,  payable 
on  demand,  with  interest  at  5  per  cent.,  was  paid  Aug. 
22,  1859.     What  was  the  amount  of  it?    Ans.  $1801.44. 


2o.  What  will  he  the  amount  of  the  following  Note, 
on  the  30th  of  June,  1860,  if  no  payments  are  made  on 
it  before  that  time  ? 

Boston,  April  2,  1859. 
Three  months  after  date  I  promise  to  pay  Hanaford 
&  Payson,  or  order,  Two  Hundred  and  Seventy-five  Dol- 
lars, value  received.  A.  B.  Gushing. 

Ans.  $291.27. 

24.  What  is  the  amount  of  the  following  Note,  now? 

Buffalo,  March  20,  1858. 
For  value  received,  I  promise  to  pay  to  the  order  of 
Crosby,  Nichols,  &  Co.,  Four  Hundred  and  Sixty-nine 
Dollars,  on  demand,  with  interest.       C.  D.  Emeeson. 

Ans. 

25.  What  was  due,  June  1,1859,  on   this  Note? 

Baltimore,  June  10,  1858. 
Sixty  days  from  date  I  promise  to  pay  to  the  order 
of  Adams,  Bruce,  &  Co.,  Four  Hundred  and  Thirty  Dol- 
lars, value  received.  •  Charles   Dunham. 
Jan.  16,  1859,  received  on  the  above  Note  $100. 

Ans.  $348.73. 

26.  Portland,  Aug.  27,  1857. 
Value  received,  four  months   from  date,  I  promise 

Jones  &  Co.  to  pay  them,  or  order.  One  Hundred  and 
Sixty  Dollars,  with  interest  after  two  months. 

Edwin  Fearing. 

Fifty  dollars  was  paid  on  this  Note  Dec.  24, 1857,  and 
twenty  more  July  13,  1858.  Wliat  was  due  Aug.  17, 
1858?  ^«s.  $95.70. 


laa 


BOOKKEEPI>fG 


AVERAGING    OF    ACCOUNTS. 
Case   I. 

DIFFERENT  DATES,  BUT  EQUAL  TERMS  OF  CREDIT. 

RpLE.  —  (1)  Multiply  each  hill  by  the  number  of  days 
between  its  oiun  date  and  the  earliest  date  in  the  account. 

(2)  Divide  the  sum  of  the  products  by  the  sum  of  the  bills. 

(3)  The  quotient  added  to  the  earliest  dcde  luill  give  the 
average  date  of  sale. 

(4)  Tlie  term  of  credit,  added  to  the  average  djxte  of 
sale,  will  give  the  average  due. 

Example  1.  When  should  the  following  account  be 
settled,  all  the  goods  having  been  sold  on  4  months' 
credit?  Ans.  Jan.  26,  1859. 


operation. 

1858. 

Sept.  1. 

Mdse.  $15 

$15 

"    21. 

40 

40  X  20  =    800 

Oct.     1. 

50 

50  X  30  =  1500 

"    12, 

"        20 

20  X  41  =    820 

125  )3120(24if2  =  25 

Sept.  1  +  25  =  Sept.  26. 

In  the  above  operation  we  proceed  as  if  each  of  the  several  sums 
was  due  at  its  date  ;  and  as  Sept.  1  is  the  earliest,  we  assume  that 
date  as  the  most  convenient  one  from  which  to  reckon  the  time. 
Then,  supposing  to-day  to  be  the  1st  of  Sept.,  the  first  bill  is  not  mul- 
tiplied, because  it  is  due  now.  But  each  of  the  other  bills  is  multi- 
plied by  tlic  number  of  daj's  between  Sept.  1  and  its  own  date,  "  the 
time  to  elapse  before  it  is  due,"  acoordinj;  to  the  rule. 

Sept.  26  is  the  average  date  of  the  sales,  and  the  whole  amount, 


$125,  should  be  paid  4  mouths  from  this  date,  or  Jan.  20,  1859.  If 
days  of  grace  are  allowed,  they  should  be  added  to  Jan.  20  ;  but  grace 
is  not  generally  allowed  ou  accouuks. 

A  four-nionth  Note  for  the  payment  of  the  above  should  be  dated 
Sept.  26,  1858. 

2.   Sold  goods,  per  statement  below,  on  6  months' 
credit.     When  should  the  account  be  settled? 


1858. 


Oct.  4. 

"  23. 
Nov.  8. 

"  15. 

"  25. 
Dec.  7. 


Mdse. 

$163.85 

11 

49.16 

u 

190.00 

(( 

274.63 

u 

68.24; 

a 

152.93 1 

(164) 
(49) 

(275) 
(68) 
(153) 
Ans.   May  9,  1859. 


Note.  —  It  is  enough  in  the  operation  to  express  the  several  sums 
in  whole  dollai-s,  50  cents  or  more  being  called  another  dollar,  and 
less  than  fifty  omitted.  But  in  the  amount  the  cents  must  be  added 
as  they  really  are.  By  this  means  a  great  many  figures  are  saved, 
and  the  same  result  obtained. 

3.  I  have  bought  goods,  per  statement  below,  on  4 
months'  credit ;  and  I  wish  to  give  in  payment  a  Note  pay- 
able 4  months  from  its  date,  without  grace,  that  shall 
fall  due  on  the  same  day  on  which  the  account  should 
be  paid.     What  should  be  the  date  of  the  Note? 

1858.     Sept.  3d,  $123.15;  8th,  $145.20;  18th,  $167.19. 
Oct.  5th,     $69.30;  6th,  $327.33  ;  16th,  $156.72. 
"    27th,     $78.29. 
Nov.  6th,  $343.42;    23d,  $47.60. 
Dec.  9th,    $96.51:  16th,  $154.64;       23d,  $38.83. 


29th, 


7.19. 


Ans.   Oct.  23,  1858. 


vi-i- 


BOOKKEEPING. 


4.    Sold  Mdse.  on  3  months'  credit,  as  follows : 

1858.  July  5th,  $357.09 ;   August  '20th,  $158.85  ;   28th, 

$178.52;   Sept.  15th,  $161.75;  24th,  $378;  Oct. 

13th,S184.17;  Nov.  25th,  $75.43;  Dec.  10th,  $87.50. 

In  payment,  I   received  a  Note   on  demand,  dated 

Dec.   7th,  1858.     What  was  the  amount  of  the  Note,  at 

6  per  cent..  May  22,  1859  ?  Ans.  $1624.80. 

XoTE.  —  The  above  examples  may  also  be  performed  bj  first  finding 
the  date  at  which  each  bill  becomes  due,  by  adding  its  term  of  credit 
to  its  date,  and  then  using  these  new  dates  to  find  the  average  due 
instead  of  the  average  date  of  sale.  But  the  method  given  above  is 
simpler,  and  the  difference  is  generally  of  no  value  in  the  results. 
They  may  sometimes  vary  one  day,  owing  to  the  effect  of  Leap  year. 

Case   II. 

DIFFERENT  DATES  AND  DIFFERENT  TERMS  OF  CREDIT. 

Goods  of  the  same  quality  are  often  sold  at  different 
prices,  according  to  the  length  of  credit  given ;  and 
the  terms  of  credit  are  sometimes  extended  in  particu- 
lar cases,  rather  than  to  reduce  the  prices. 

Rule.  —  First  find  the  date  at  ivhich  each  of  the  hills 
becomes  due.  Then  multiply  each  bill  by  the  number  of 
days  between  the  date  at  ivhich  it  is  due  and  the  earliest 
date  at  ivhich  any  bill  becomes  due,  and  divide  the  sum 
of  the  products  by  the  sum  of  the  bills. 

Average  the  following  account. 

July  1,  Mdse.  (@  2  months),  176.10;  Aug.  7,  Md.se. 
(@  3  mouths),  $45.67;  Sept.  15,  Mdse.  (cas'n  price), 
$81.33;  Oct.  20  (@  2  months),  $59.71. 

T34 


OPERATION, 


July    1  +  2  months  =  Sept.  1,  $76. 


Aug.  7  +  3 
Sept.  15 
Oct.  20+2 


=  Nov.  7,  46  X  67  =  3082 
=  Sept.  15,  81  X  14  =  1134 
=  Dec.  20,  60  X  110  =  6000 


Sept.  1+41  days  =  Oct.  11 


)10816(41 
Ans. 


In  this  operation  we  first  find  when  each  of  the  bills 
becomes  due  ;  and  then,  taking  the  first  date  at  which 
any  bill  is  due  as  the  point  from  which  to  count  the 
time  on  the  several  bills,  we  proceed  as  in  Case  I. 

The  first  bill  becomes  due  on  the  1st  of  September, 
and  from  Sept.  1  to  Nov.  6  there  are  67  days ;  from 
Sept.  1  to  Sept.  15,  14  days,  and  to  Dec.  20,  110  days. 

Multiplying  the  several  bills  by  these  numbers,  and 
dividing  the  sum  of  the  products  by  the  whole  amount 
of  the  bills,  the  quotient  is  the  time  in  days,  which  are 
to  be  counted  from  the  earhest  date. 

2.    When  was  the  following  act.  due,  per  average? 


1858.  January  8, 
Feb.  22, 
March  4, 
April  19, 
May  1 , 
June      17, 


To  Mdse. 


(6  mos.), 
(6  mos.), 
(Cash), 
(6  mos.), 
(4  mos.), 
(Cash), 


$144.25 

74.95 

160.37 

249.84 

60.86 

119.12 


An^.  July  22,  1858. 


BOOKKEEPING 


3.   What  is  the  average  date  for  the  payment  of  the 
following  account? 

Dr.  Warren   31.   Baker. 


1858. 


July  5, 
Aug.  1, 
Sept.  17, 
Oct.  11, 
Nov. 
Dec. 


24, 
oo 


To  Mdse. 


(2  mos.) 
(Cash) 
(Cash) 
(2  mos.) 
(2  mos.) 
(Cash) 


$171.19 
142.21 
210.35 
321.94 
213.67 
15G.88 


Ans.     Nov.  6,  1858. 

COMPOUND    EQUATIONS. 

Accounts  generally  have  both  a  debit  and  a  credit 
side,  and  these  rules,  to  be  valuable,  must  be  applicable 
to  such  accounts,  to  determine  when  they  are  due. 

The  question  to  be  solved  in  Compound  Equations 
is,  When  shall  the  balance  of  the  account  be  paid  ?  For 
if  A  owes  B  $500,  and  B  owes  A  $400,  it  is  not  neces- 
saiy  for  each  actually  to  pay  the  other  the  full  amount 
of  his  debt ;  but  if  A  pays  B  $100  at  the  right  time,  the 
account  is  properly  settled. 

Rule.  —  (1)  Average  each  side  of  the  account  sepa- 
rately, as  in  Cases  I.  and  II. 

(2)  MuUiphj  the  amount  due  at  the  earlier  average 
date  by  the  number  of  days  between  the  two  average  dates. 

(3)  Divide  the  product  by  the  balance  of  the  account, 
and  the  quotient  will  be  the  equated  time  in  days,  to  be 
counted  from  the  later  average  date. 

(4)  If  the.  larger  amount  is  due  first,  count  back ;  but 
if  the  larger  amount  is  due  last,  count  forward  frorn  the 
later  average  date. 


Example." — Suppose  the  last  two  examples  in  the 
preceding  Case  to  be  the  two  sides  of  my  account  with 
A.  J.  Robinson,  viz. :  the  second  to  be  the  Dr.  and  the 
third  the  Cr.  side.  In  whose  favor  is  the  balance,  and 
when  is  it  due?  Ans.    May  30,  1859. 


Dr. 


A.  J.  Robinson. 


Cr. 


1858 
July  22.     Due,  $799.69. 


1858 
Nov.  6.     Due,  $1216.24. 


OPERATION. 

$1216.24  —  1799.69  =  $416.55  =  Balance  of  the  acct. 
From  July  22  to  Nov.  6  =  107  days. 
$800  X  107  =  85G00 ;  85600  ^  417  =  205. 
Nov.  6,  1858  -f  205  days  =  May  30,  1859. 

2.   Average  the  following  account. 

Sold  W.  H.  Seavey,  on  6  mouths'  credit: 

1858.     March  10,  Mdse.,  $409.37 ;  March  24,  Mdse., 

$315.62;    April   14,   Mdse.,  $245.56;   May  20,  Mdse., 

$125.16;  Juno  26,  Mdse.,  $86.40. 

Received  of  him,  —  (Mdse.  at  6  mos.), 
1858.    July  8,  Cash,  $300;  Aug.  2,  Mdse.,  $320.88; 
Sept.  7,  Cash,  250  ;  Oct.  12,  Mdse.,  $137.4l'. 

Ans.  April  14,  1858. 

Note.  —  It  may  seem  stmnge  to  the  beginner  that  the  balance  of  an 
account  should  be  due  before  all  the  transactions  have  taken  place. 
But  although  the  account  cannot  be  settled  before  the  debts  have  been 
created,  yet  when  the  account  is  settled,  the  interest  may  bo  com- 
puted on  the  BALAN-CE  from  date  of  its  average  due,  till  the  time  of 
payment. 

135 


A    TIME    TABLE, 

To  fitid  the  exact  number   of  months,  or  days,  from   any  day  in  one   month  to  the  same   day  of  any  other  month,   not   viorc 

than  a  year  distant. 

No.  of 
Mouth. 

1 

2 

3 

4 

5 

G 

7 

8 

9 

10 
11 
12 

Days  in  a  Month.       31          28-9          31            30             31             30            31             31           30            31             30             31 

From                                                        To     JAN.       FEB.       MAR. 

T                    (      Months.            12          1           2 

January,      -l      t~,                     .,^5.       j,i         rn 

j       Days.                365        31         59 

APR. 
3 
90 

MAY. 

4 
120 

JTTNE. 

5 

151 

JULY. 

6 
181 

AUG. 

7 
212 

SEPT. 

8 
243 

OCT. 

9 

273 

NOV. 

10 

304 

DEC. 

11 

334 

T-,                    (      ^Months.            11 
February.    -      -n                     001 
(       Days.                 334 

12         1 
3G.5        28 

2          3 
59         89 

4          5 
120       150 

6 
181 

7 
212 

8          9 
242      273 

10 
303 

nr                    (      Months. 
^^^^^'"-          i      Days. 

10 

306 

11 
337 

12         1 
3G5       31 

2          3          4 

61         92        122 

5           6 
153      184 

7 
214 

8 
245 

9 

275 

April.          ]      JJ""^'^^" 
j       Days. 

9 

275 

10 
30G 

11 
334 

12 
365 

1 
30 

2 
61 

3 
91 

4 
122 

5          6 
153       183 

7 
214 

8 
244 

Mat.             -!      j;«"*'^^^- 
(      Days. 

8          9 
245      276 

10 
304 

11 
335 

12 
365 

1 
31 

2 
61 

3 

92 

4 
123 

5     1     C 
153  1    184 

7 
214 

T.rxTT,              (      Months.             7 
J"^^-             j      Days.                214 

8 
245 

9 

273 

10         11 
304      334 

12 
365 

1 
30 

2 
61 

3 

92 

4 
122 

5 
153 

6 
183 

July.            \      Jf'^^*'^^- 
(      Days. 

6 
184 

7 
215 

8 
243 

9 

274 

10    :    11 

304   1   335 

12 
365 

1          2 
31        62 

3 

92 

4 
123 

5 
153 

A,,.  .              (      Months.        1      5 
^"«^-''"-         ■(      Days.             1    153 

6 
184 

7 
212 

8 
243 

9 
273 

10 
304 

11 
334 

12    1      1 
365   1    31 

2 
Gl 

3          4 
92       122 

September.  {      ?J""*'>^- 
(      Days. 

4 
122 

5 
153 

6          7 
181      212 

8           9 
242      273 

10 
303 

11         12          1 
334      365       30 

2 
61 

3 
91 

October.      |      ?;°°*^- 
(      Da3's. 

3          4 
92       123 

5 
151 

6          7 
182      212 

8 
243 

9 
273 

10 
304 

11 
335 

12 
365 

1 
31 

.2 
61 

November,   j      !J«"^'^«- 
1       Days. 

0 
Gl 

0 

92 

4 
120 

5 
151 

C 
181 

7 
212 

8 
242 

9 
273 

10    I     11 
304  1   334 

12          1 
365        30 

■5— •  j  d';"""-    z\ 

2 
62 

3           4 
90        121 

5          6 
151       182 

7 
212 

8 
243 

9 

274 

10 
304 

11 
335 

12 
365 

EXPLASATIOSS.  —  To  flnil  the  numliir  of  months  or  (hiys  from  April  1  to  July  1,  look  for 
April  in  tho  ci)lumn  at  thy  left,  unrl  f  lUow  th;it  lint;  to  tht-  richt,  till  und  r  July,  :U  the  top, 
will  be  foUTnl  3  f  >r  the  mouths,  nnd  01  1>t  the  ihiys.     The  time  from  July  1  to  "the  i»receUmg 
April  1  is  fjuml  in  the  same  manner  ;  that  i?,  proceed  from  the  carlii-r  tj  the  later  date. 

llow  many  days  from  IMarch  10  to  Sept.  Ifi? 

Opposite  Jlarch,  and  under  September,  you  will  find  1^4,  to  which  add  6,  the  number 
from  the  lOth  to  the  16th,  and  the  whole  number  will  be  190.     Ans. 

■\That  is  the  number  of  days  from  June  1-2  to  Auj^ust  S  ? 

Opposite  June,  and  under  August,  find  61,  which  is  the  number  from  June  12  to  Aupist 
12,  from  which  siilitrnrt  4,  because  the  second  dale  is  4  days  earlier  m  the  month  than 
the  first,  and  the  answer  is  57  days,  or  1  month  and  27  days. 

now  many  days  from  Jan.  1  to  March  1  ? 

From  Jan.  1  to  JIarcIi  1,  bv  the  Table,  there  are  59  days  i  for  there  arc  30  aBcr  the  Ist 
in  Jan.,  2S  ia  Feb.  (in  Lc.ap-Ycar  29),  and  1  in  March.    30-(-28+l=59.     Jni. 

lie 


BOOKKEEPING. 


REMARKS. 

1.  In  fiuding  the  number  of  days  bctwccu  two  dates,  the  first  is  omiiied, 
and  the  last  is  idcluUed.  Thus,  lium  July  i  to  September  1  there  are  ii'J 
days  ;  for  there  are  27  in  July,  after  the  4th,  31  in  August,  and  1  in  Sep- 
tember ;  aud  'ZT  -^cl  -\-l  =  59. 

2.  In  leap  year  February  has  29  days  ;  and  when  the  number  of  the 
year  is  divisible  by  4  it  is  leap  year,  as  1852,  1C:G,  18G0,  &c.  When, 
therefore,  the  end  cf  February,  in  a  leap  year,  is  ii  ludcJ  between  the  two 
dates,  one  day  must  be  added  to  the  number  given  ia  the  table. 

3.  From  any  day  in  one  month  to  the  same  day  in  the  next  is  calleil  a 
month,  witiiout  regard  to  the  exact  number  of  days.  Thus,  from  the  1st 
of  Jauuai'y  to  the  1st  of  February  is  one  month  ;  and  from  January  12  to 
March  12  is  2  mouths. 

4.  When  the  time  between  two  dates  is  to  be  expressed  in  months  and 
days,  the  number  of  whole  months  may  be  ascertained  by  counting  as 
directed  in  Remark  3,  to  which  add  the  days  remaining. 

5.  When  a  fractional  part  of  a  month  is  to  be  expressed  in  days,  the 
whole  month  is  considered  as  30  days,  a  half  15,  a  third  10,  and  so  on. 

G.  Wh3n  the  two  dates  are  more  than  a  year  apart,  the  time  is  found  for 
the  part  of  a  year  ;  and  then  the  whole  years,  or  the  number  of  months  or 
days  in  tho  whole  years,  arc  added  to  the  first  answer.  Thus,  find  the 
days  between  .\pril  7,  1858,  and  October  IC,  1850.  From  April  7  to  Oc- 
tober IG  is  192  days  ;  and  192  -\-  3G5  =  557  days,  or  1  year,  G  months,  and 
9  days. 

7.  When  the  time  of  a  Note,  Draft,  &c.,  is  specified  in  days,  it  must  not 
be  reckoned  in  months;  for  CO  days,  90  days,  &c. ,  are  not  exactly  the 
same  as  2  months,  3  months,  &c. 

8.  Notes,  &c.,  fi'.lin;  due  on  Sunday,  or  any  legal  holiday,  must  be 
paid  on  the  previous  day. 

9.  To  find  the  date  at  which  a  pven  number  of  days  will  expire,  counted 
from  a  given  date,  look  in  the  table  fir  the  given  number,  and  over  it  will 
be  t!ie  month  sought  for  ;  and  the  day  will  be  the  same  as  the  given  date. 
If  the  given  number  is  not  in  the  table,  take  the  next  less  number,  and 
proceed  accordingly,  adding  the  excess. 


EXAMPLES. 

1.  How  many  months  aud  days  from  June  26,  1856,  to  September  1, 
in  the  same  year  7  Ans.    2  months  aud  7  days,  or  Gt>  days. 

2.  AVhat  is  the  time  from  January  1,  185G,  to  March  17,  185G7 

Alts.    7C  days,  or  2  mouths  and  IG  days. 

3.  How  many  days  from  December  15,  1855,  to  February  23,  1856  ? 

Alls.    70  days. 

4.  How  many  months  and  days  from  November  13,  1858,  to  JIarch  1, 
1860?  Alls.    15  months  and  17  days. 

5.  What  ia  the  time  from  December  30,  1858,  to  Feb.  23,  18C1  ? 

Alls.   2  years,  1  mouth,  24  days. 

G.    On  what  day  will  a  Note  be  due  which  is  dated  May  12,  payable  in 
2  months?  Ans.   July  15. 

7.  A  Note  was  dated  October  12,  1851,  payable  in  90  days.     AVhcn  was 
it  due  ?  Ans.    January  13,  1852. 

8.  When  should  a  Note  be  paid  wliich  is  dated  December  30,  payable  in 
2  months,  without  grace  ?      Ans.    Last  day  of  February, —  27,  28,  or  29. 

0.    A  Draft  was  drawn  on  the  1st  July,  1858,  pay.ablo  60  d.ays  from 
date.     When  was  it  due  ?  Ans.  Sept.  2. 

10.  A  Draft,  dated  May  7,  payable  30  days  and  grace,  after  sight,  was 
accepted  May  18th,  1858.     When  was  it  due?  Ans.  June  19. 

11.  A  Note,  (a)  SO  days,  was  due  at  a  bank  on  Friday,  July  3,  1857. 
What  was  the  date  of  it?  .^"s.  May  31,  June  1  or  2. 

12.  -A  Draft,  payable  30  days  and  grace,  after  sight,  was  due  June  7. 
Vbit  was  the  date  of  the  acceptance?  Ans.  Jl.ay  5. 

13.  A  Note,  (a>  60  days,  fell  due  on  Saturday,  Mar.  1.     What  was  the 
date  of  it  ?  .^«s.  Dec.  28,  29,  or  30. 

14.  A  four-month  Note,  without  grace,  was  payable  at  a  bank  on  Satur- 
day,  Feb.  27.     Wliat  w.'is  its  date  ?         Ans.  Oct.  27,  28,  29,  30,  or  31. 

15.  When   should  a  two-month  Note  be  paid  which  was  made  on  Sun- 
day, April  13,  1856? 

137 


BOOKKEEPING. 


EXPLANATION  OF  BUSINESS  FORMS. 


THE    BILL-HEADING. 

This  is  the  common  form  for  a  Bill  of  Parcels,  written 
at  the  time  of  the  sale,  and  given  by  the  seller  to  the 
buyer.  If  the  payment  is  not  made  at  the  time,  the 
signature  is  omitted ;  but  if  the  payment  is  made,  the 
bill  should  be  receipted  and  signed  thus: 

If  the  payment  is  received  by  a  clerk  or  other  person 
who  is  not  fully  authorized  to  sign  the  name  of  the 
firm,  he  should  add  his  own  name,  thus : 

/f  ©/.   SB'/ 

Tlie  Bill,  after  it  is  receipted  and  signed,  is  kept  by 
the  purchaser,  as  evidence  not  only  of  the  payment,  but 
also  of  the  time,  price,  quality,  <tc. 

RECEIPTS. 

When  money  is  paid  by  one  person  to  another,  it 
is  not  enoiigh  that  the  parties  are  respectively  debited 
or  credited ;  because  such  entries  might  be  made  by 
one,  without  the  Icnowledge  of  the  other.  But  the 
receiver  should  state  in  writing  that  the  money  was  re- 
ceived from  the   other  person,  at  such  a  time,  and  for 


such  a  purpose.  This  statement  signed  by  the  receiver 
of  the  money,  and  called  a  receipt,  is  kept  by  the  other 
person,  and  is  conclusive  evidence,  unless  it  can  be 
shown  that  the  paper  is  a  forgery,  or  that  a  mistake  has 
been  made,  or  eomething  omitted. 

Receipt  on  Account.  — This  may  be  either  for  a  part 
or  the  whole  amount  due  from  a  person  on  a  Ledger 
account,  and  he  should  be  credited  for  it  on  the  Day- 
Book  or  Journal. 

Receipt  in  Full. —  A  receipt  in  full  of  accounts  has 
reference  to  accounts  only;  but  a  receipt  in  full  of  all 
demands  cuts  off  all  notes  and  claims  of  any  kind,  to 
that  date,  betweeen  the  parties  themselves. 

The  Receipt  for  a  Sum  to  be  Endorsed  is  given 
when  the  Note,  on  which  the  endorsement  is  to  be 
made,  is  not  at  hand.  But  when  the  Note  is  found  the 
endorsement  is  also  made. 

Receipt  for  a  Sum  paid  by  a  Third  Person. — The 
names  of  both  the  debtor  and  the  messenger  are  in- 
cluded ;    but  the  debtor  only  is  credited  on  the  books. 

A  Receipt  for  Property  of  any  kind,  left  in  the  care 
of  the  receiver  for  storage,  or  for  any  other  purpose, 
should  specify  the  facts  in  all  their  particulars. 

D  U  E-B  ILLS. 

A  Due-Bill  is  paper  by  which  a  debtor  indirectly 
promises  to  pay  a  certain  sum  in  Cash,  or  some  specified 
kind  of  property.  If  payable  on  demand,  or  in  mer- 
chandise, it  does  not  bear  interest  till  pa3'ment  has  been 
demanded,  unless  interest  is  mentioned  in  it. 


133 


BOOKKEEPING. 


NOTES. 

A  Note  is  a  written  promise  to  pay  a  given  Bnm  to  a 
certain  party,  at  some  future  time.  If  it  is  made  pay- 
able to  a  certain  person,  and  does  not  contain  the  words 
"  or  order,"  or  "  or  bearer,"  it  can  be  collected  by  that 
person  only.  But  if  it  is  payable  to  the  hearer,  or  to 
some  person,  or  hearer,  any  person,  who  may  have  it  in 
bis  possession  when  it  falls  due,  may  collect  it ;  and  it 
may  be  sold  or  passed  from  hand  to  hand  indefinitely. 

If  it  is  made  payable  "  to  the  order  of"  any  partic- 
ular person,  or  to  that  person  or  his  order,  then,  if  ho 
transfers  it  to  another  person,  ho  must  write  his  own 
name  across  the  back  of  it.  This  is  called  an  endorse- 
ment, and  is  either  in  blank,  consisting  of  the  name  of 
the  endorser  only,  —  in  which  case  the  bearer  or  holder 
may  collect  it  Avhen  it  becomes  due, —  or  the  endorse- 
ment may  be  in  full,  consisting  of  the  name  of  tho 
endorser,  and  also  that  of  the  person  to  whom  it  is 
transferred  and  thus  made  paj-able. 

A  Note  on  Demand  is  payable  whenever  payment  is 
demanded  in  the  presence  of  a  witness,  and  bears 
interest  from  that  time,  or  from  tho  trmc  when  a  suit 
for  its  collection  is  commenced,  whether  interest  is 
specified  in  the  Note  or  not. 

A  Note  payable  at  a  specified  time  bears  interest 
from  the  end  of  that  time. 

A  Joint  and  Several  Note,  so  called,  is  one  which  is 
signed  by  two  or  more  persons,  not  partners,  and  tho 
paj'ment  may  be  demanded  of  all  the  signers  together, 
or  of  either  one  of  them,  as  the  holder  may  choose; 


but  when  payment  lias  been  made  by  one  or  more  of  the 
signers,  the  others  are  released  from  any  further  liability. 

A  Note  Payable  in  Mercuaxdise  is  not  entitled  to 
grace,  because  it  is  presumed  that  the  merchandise  or 
property  is  on  hand,  and  can  bo  jiaid  at  one  time  as  well 
as  another,  though  tho  cash  might  not  be. 

Notes  for  Different  States  vary  in  form,  to  comply 
with  the  requirements  of  the  laws  of  the  several  States 
where  they  are  made. 

A  Note  to  be  Discounted  at  a  Bank  should  not 
specify  interest.  When  it  is  left  at  the  Banlc  to  be 
discounted,  tlie  person  to  whom  it  is  payable  must 
endorse  it ;  and  tlien,  if  the  officers  of  the  Bank  are 
willing  to  discount  it,  they  compute  the  interest  on 
the  sum  named  in  the  Note  for  the  time  it  has  yet  to  run, 
and  subtracting  it  from  the  former,  they  give  to  tho 
holder  of  the  Note  tlio  remainder,  which  is  thence  called 
the  2^^oceccls  or  ai-ails.  The  Note  itself  is  taken  and 
kept  hy  the  Bank,  till  it  is  paid  by  the  original  signer. 

Days  of  Graci:.  —  Generally  three  days,  called  days 
of  grace,  arc  allowed  to  the  liaycr,  in  addition  to  the 
time  specified  in  the  Note,  in  which  to  pay  it;  and  if 
it  is  not  paid  at  tho  end  of  this  time,  it  is  proteslcd. 
The  process  of  protesting  is  as  follows : 

An  officer,  called  a  "  Notary  Public/'  takes  tho  Note, 
calls  on  the  signer,  and  requests  him  to  pay  it.  If  he 
refuses  or  neglects  to  do  it,  the  Notary  notifies  the 
emlorser,  in  \vriting,  of  the  non-jjayiJicnt,  and  the  Bank 
then  looks  to  the  endorser  for  tho  payment  of  the  Note, 
with  the  cost  of  protesting,  <tc.     If  both  the  signer  and 


139 


BOOKKEEPING. 


endorser  neglect  to  make   payment,  the   Bank,  or  the 
holder  of  the  Note,  may  sue  either  or  both. 

An  Order  is  a  written  request  for  the  delivery  of 
goods  or  property  of  some  kind  to  a  third  person,  and 
is  kept  by  the  deliverer  as  evidence  of  his  authority. 

An  Order  for  the  payment  of  a  sum  of  money  at 
some  future  time  named  may  be  accepted  by  the  person 
on  whom  it  is  drawn,  who  is  thereby  bound  to  pay  it 
when  it  is  due. 

DRAFTS. 

A  Draft  is  an  order  for  the  payment  of  a  sura  of  money, 
either  at  sight,  or  at  the  expiration  of  a  certain  time. 

A  Draft  at  Sight  is  payable  when  presented,  either 
with  or  without  grace,  according  to  the  laws  of  the 
several  States.  In  Vermont,  Connecticut,  New  York, 
Pennsylvania,  Maryland,  Virginia,  Georgia,  Florida,  Mis- 
sissippi, Tennessee,  Missouri,  and  California,  no  grace  is 
allowed.  But  in  Maine,  New  Ilampshirc,  Massachusetts, 
N.  Carolina,  So.  Carolina,  Alabama,  Indiana,  Iowa,  Michi- 
gan, and  Wisconsin,  grace  is  allowed ;  while  in  the  other 
States  of  tho  Union  there  are  no  laws  on  the  subject, 
and  tho  practice  is  not  perfectly  uniform. 

Drafts  or  Bills  payable  on  demand  are  not  gen- 
erally entitled  to  grace. 

A  Draft  on  Time  is  payable  at  the  end  of  a  speci- 
fied number  of  months,  or  days,  with  tho  lisual  days  of 
grace.  It  may  be  drawn  so  as  to  be  payable  at  a  certain 
length  of  time  from  its  date,  or  from  sight, — that  is,  from 
the  time  when  the  person  on  whom  it  is  drawn  first 
sees  it, —  or  the  time  when  it  is  presented  for  acceptance. 

lie 


BILLS    OF    EXCHANGE. 

A  Bill  of  Exchange  is  similar  to  a  Draft ;  but  when 
drawn  on  a  distant  place,  several  copies  (usually  three) 
are  made;  and  these  are  called  a  Set  of  Exchange. 
These  several  copies  are  sent  by  different  co7iveyances, 
so  that  there  may  bo  no  delay  in  regard  tJ  their  arrival. 
They  are  so  written  that  when  one  of  them  has  -been 
paid  or  accepted,  the  others  are  of  no  value.  The  first 
contains  this  clause,  "  Second  and  Third  of  the  same 
tenor  and  date  unimid,  pay  to  the  order,"  &c.;  by  which 
is  meant,  that  if  neither  the  second  nor  third  copies 
of  this  bill  have  been  paid  or  accepted,  tlicn  the  party 
on  whom  it  is  drawn  is  requested  to  pay  or  accept 
this.  The  other  two  copies  are  written  in  a  similar 
style,  except  the  variation  of  the  words  frst,  second, 
and  third. 

A  Bill  of  Exchange  or  Draft  is  accepted  ]>y  writing 
across  the  face  of  it,  usvially  with  red  ink,  tho  word 
"  Accepted,"  with  the  signature  of  the  party  accepting 
it;  and  if  payable  at  a  certain  time  "after  slight,"  the 
date  of  the  acceptance  should  also  be  added.  Thus :  If 
A.  B.  accepts  a  Draft  on  the  10th  of  Sept.,  1858,  payable 
60  days  after  sight,  the  form  of  his  acceptance  would  be : 
'^Accepted,  Scp>tcmher  10,  1858. 

•  ©-^  ^." 
The  Protest  for  non-payment  of  a  Draft  or  Bill  of 
Exchange  is  similar  to  that  of  a  Note ;  but  a  full  state- 
ment of  tho  process,  and  of  tho  laws  and  customs  re- 
lating to  Bills,  would  occupy  more  space  than  can 
profitably  be  devoted  to  it  in  this  work. 


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